VANCOUVER, British Columbia, Sept. 28, 2018 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (Xetra: ZSB) (the “Company”) provided a shareholder corporate update today from the Company’s CEO, Dr. Howard J Verrico.
Dear Shareholders,
As the summer comes to a close and we enter the final months of 2018, I am eager to share the progress of Sirona’s recent clinical development and partnering activities. We sincerely apologize for the lack of communication recently, as we had been quite busy internally pivoting our strategy. However, we are now in a position to provide a comprehensive update. Sirona’s current strategy is based on a three-pronged attack, which I will explain in detail below, to ensure success in maximizing the value of our skin-lightener TFC-1067.
Clinical Trial Development
As mentioned in our most recent news release, Sirona and its subsidiary laboratory TFChem are nearing completion of the necessary requirements in developing TFC-1067 for a proof of concept, human clinical trial. Through work with a toxicologist and extensive safety studies, a formulation of Sirona’s lead skin lightener has been prepared. The Proof of Concept Clinical Trial will begin late October at a U.S. based clinic. The trial, performed by a lead dermatologist who has worked with many of the top tier pharmaceutical and biotechnology companies world-wide, will take approximately 12 weeks.
North America Strategy
Many Sirona shareholders were aware of the late stage negotiations taking place with a large North American company to license TFC-1067. Even though term sheets had been exchanged, a sudden change in focus by the potential partner company alongside a large internal reorganization has delayed talks. While interest does remain, we made the decision months ago to expand the search for new potential partners in North America. Of the several interested cosmetic companies, one company specifically has invested significant time and resources to evaluate TFC-1067. Accordingly, we are pleased with the progress to date and foresee licensing discussions advancing.
Moreover, with the clinical trial beginning soon, many lead cosmetic companies we have previously spoken to are anticipating the results and will be eager to continue moving forward at that point.
Asia Strategy
While we continue to anticipate a North American licensing deal, Asia accounts for approximately 90% of the global skin-lightening market and continues to grow rapidly. Many North American companies have difficulty penetrating the Asian markets, resulting in lack of sales channels. We believe that working with leading cosmetic companies within Asia, where a majority of sales occur, is critical to entering this market. Previously, Sirona has attempted to navigate the Asian cosmetic market, but the different business practices and relevant contacts necessary, proved to be obstacles. However, Sirona’s strategic advisors PRC Partners Limited (PRC), out of Hong Kong, with their extensive presence and experience in Asia, have helped Sirona over the last five months, specifically in China.
PRC has set up several meetings with major cosmetic companies in the People’s Republic of China. Chief Scientific Officer, Dr. Géraldine Deliencourt-Godefroy, and I have made several trips to China and we are working on several deal options - either working with one major brand to develop TFC-1067 or licensing it to many players in the market through a material supplier, which would make TFC-1067 an OEM product. We are in discussions with companies regarding options.
Although the focus of these meetings has been on TFC-1067, several of the larger companies are also expressing interest in Sirona’s anti-aging compound, LIP-01. This further confirms the large cosmetic demand by the Asian market for novel products.
Ultimately, we believe that focusing on not only the North American market, but also Asia, as well as independently developing TFC-1067 through a proof of concept clinical trial, will allow Sirona to secure the most value from TFC-1067 on a global scale.
Thank you for your continued patience and support. We hope that this update on Sirona’s strategy makes you as confident as we are in regard to licensing TFC-1067. Most importantly, Sirona plans to continue improving communication and transparency moving forward.
Sincerely,
Dr. Howard Verrico, CEO
About PRC Partners
PRC Partners is a Hong Kong-based corporate development consulting firm with a strong focus on China and Japan. The company assists Canadian public companies in tapping investment funds and high-net-worth individuals in Asia.
PRC Partners has a specific focus on the discovery of undervalued and promising growth companies and serves these companies by increasing visibility and accessing capital through an experienced network of investors.
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a 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 in 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information regarding this press release, please contact:
Christopher Hopton, CFO
Sirona Biochem Corp.
Phone: 1.604.282.6064
Email: chopton@sironabiochem.com
---------------------------------------------
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.