VANCOUVER, BC, Dec. 13, 2021
/CNW/ - Sirona Biochem Corp. (TSXV: SBM) (FSE: ZSB) (OTC: SRBCF)
("Sirona") announces that it has received notice that
the development of Sirona's SGLT2 inhibitor, TFC-039, will be
discontinued by Wanbang Biopharmaceuticals ("Wanbang") as a
treatment for type 2 diabetes in China.
TFC-039 was licensed to Wanbang, a wholly owned subsidiary
of Shanghai Fosun Pharmaceutical Group, in 2014. Sirona received a
total of USD 1.5 million in up front
and milestone payments.
"To this point, Wanbang has remained dedicated to the
development of the drug, completing the IND and advancing through
and completing its Phase I clinical trials. During 2021, they
indicated that they were extensively analyzing the clinical results
and that delays were the result of COVID closures and restrictions.
This year, Empagliflozin (developed by Boehringer
Ingelheim and Eli Lilly) failed to uphold patent
protection in China, which created
a generic environment for SGLT2 inhibitors. It was reported to us
TFC-039 performed well in the clinical trials, however, given the
generic situation, it did not make good business sense for Wanbang
to continue a lengthy and costly development", said Dr.
Howard Verrico, CEO of Sirona
Biochem.
"While this is disappointing, we still see a path forward for
TFC-039. We are working on several opportunities (both existing and
new) for animal care globally. Our science team is also working on
a new therapeutic indication, with potential strong advantages
for TFC-039 compared to other compounds of the same
class. This new indication has both unmet need and tremendous
commercial value. The work done to date by Sirona and Wanbang will
provide added value towards these opportunities, and we will also
explore future involvement with Wanbang. Further dialogue will be
occurring between Wanbang, and Sirona and any material news will be
released accordingly."
About Wanbang Biopharmaceuticals and Fosun
Pharmaceuticals
Wanbang Biopharmaceuticals develops, manufactures and sells
drugs with indications for chronic disease treatment, antibiotics,
and other endocrine diseases in China. Founded in 1981, they are presently
headquartered in Xuzhou, China,
and are a subsidiary of Shanghai Fosun Pharmaceutical Group. Fosun
is a leader in the pharmaceutical industry and regarded as one of
the top five domestic pharmaceutical companies in China. For more information on Fosun and
Wanbang, please visit www.fosunpharma.com/en.
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.
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this release.
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
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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.
SOURCE Sirona Biochem Corp.