VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona”) provides the following update:
Dear shareholders,
We are pleased to provide an update on the progress we have made over the last months:
Corporate Strategic Planning
One of our communicated objectives in 2022 and the first half of 2023 was to conduct a thorough strategic review of the company. We are pleased to announce that this goal has been accomplished. We have completed several strategic planning sessions with our senior team, advisors, and consultants. The outcome has enabled us to better focus our resources and efficiently build our pipeline We have reviewed our current and potential pipeline assets in depth, to ensure we focus on only the most promising commercial opportunities. To bolster our business development efforts, we have outsourced to industry experts, which we believe will yield optimal results in our licensing activities as well as free up our team for more critical strategic planning and development. Additionally, we have enhanced the workflow within TFChem, providing our Chief Scientific Officer (CSO) with additional support to dedicate more time for innovation and have completed a review of lab operations. We will be adding several new pieces of equipment to the lab in the next 2-4 months.
Given the challenging conditions in the capital market, we have taken a cautious approach by limiting the expansion of our pipeline. However, despite this, we are making considerable progress in developing multiple projects and have expanded our scientific team. We are obligated to restrict communication in cases where intellectual property (IP) protection has not been secured. Nevertheless, as time progresses, we will be able to share some of their recent accomplishments.
TFC-1067 - Global Licensing Agreement with Allergan Aesthetics
In June 2022, we entered into an exclusive global licensing agreement with Allergan Aesthetics for TFC-1067 and our compound library of dyschromia ingredients. While we are unable to share specific details publicly, we maintain regular communication with their alliance management team. Allergan continues to work toward integration of TFC-1067 into its pipeline. Once permissible, we will update our shareholders accordingly. The commercialization of TFC-1067 will provide an immense opportunity for increasing the company’s value and avenues for future growth.
TFC-1326 – Anti-Aging Clinical Trial
In April, we announced one of our most significant achievements to date: the successful completion of our clinical trial in anti-aging. Our compound, TFC-1326 surpassed our expectations, demonstrating remarkable benefits, including wrinkle reduction, diminished fine lines, increased skin density, improved skin laxity, and enhanced skin radiance. Additionally, our product has exhibited potent anti-inflammatory and antioxidant effects, addressing major causes of skin aging. Notably, all participants reported that the product was well tolerated, further emphasizing its efficacy and safety.
We are now actively seeking partnerships for TFC-1326. The level of interest generated during BIO in June was exceptional, with meetings held with companies from around the globe, including key markets such as Korea, Japan, China, India, North America, and multiple European countries. These companies have a vast presence across more than 150 countries. Our follow-up activities from BIO Boston are progressing smoothly, and we are also engaging with companies we have been in contact with previously. To accelerate partnering, we have enlisted the support of external resources to connect with all the major players in the aesthetics space.
Antiviral Library
Testing of a new set of potential antiviral compounds is currently in progress at the International Centre for Genetic Engineering and Biotechnology (ICGEB). Results are expected within the next two months.
TFC-039 - Diabetes
Our progress in licensing TFC-039 has been notably slow primarily due to the challenges in obtaining the clinical data held by our external partner. Additionally, the involved companies have expressed their uncertainty regarding its commercial potential in the current market. Consequently, we have become less confident in our ability to achieve a successful license. It is important to highlight that we have made significant new advancements in the field of SGLT2 Inhibitors beyond TFC-039, and Sirona now has complete control and ownership of these achievements. While we remain open to opportunities for partnering TFC-039, our primary focus will be on advancing our intellectual property in the SGLT2 inhibitor space with our recent discoveries.
Financing
We are still in the pre-revenue phase and therefore continuously exploring new avenues for non-dilutive financing to allow Sirona to rapidly expand its pipeline technology without being dependent on or restricted by partners. One of these initiatives involves financial support from France, where we are spearheading a new non-dilutive financing initiative. Additionally, we are also exploring funding opportunities provided by the Government of Canada. These initiatives aim to secure financial support without diluting our ownership stake. Sirona is currently considerably bearing more of the costs for tests itself since we are aiming for maximum negotiating power in the partnering process. These grants support this.
We thank our investors for their continued support.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona’s compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona’s laboratory, TFChem, is located an hour north of Paris, France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
For more information regarding this press release, please contact:
Investor Enquiries:
Email: Info@sironabiochem.com
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Sirona Biochem cautions you that statements included in this press release that are not a description of historical facts may be forward-looking statements. Forward-looking statements are only predictions based upon current expectations and involve known and unknown risks and uncertainties. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of release of the relevant information, unless explicitly stated otherwise. Actual results, performance or achievement could differ materially from those expressed in, or implied by, Sirona Biochem’s forward-looking statements due to the risks and uncertainties inherent in Sirona Biochem’s business including, without limitation, statements about: the progress and timing of its clinical trials; difficulties or delays in development, testing, obtaining regulatory approval, producing and marketing its products; unexpected adverse side effects or inadequate therapeutic efficacy of its products that could delay or prevent product development or commercialization; the scope and validity of patent protection for its products; competition from other pharmaceutical or biotechnology companies; and its ability to obtain additional financing to support its operations. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.
