VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/31/11) - Sirona Biochem Corp. (TSX-V:SBM - News) (the "Company"), a biotechnology company specializing in therapeutics for diabetes and obesity, announced today that it has completed its acquisition of TFChem S.A.S. An official signing took place today in Paris, France.
"Carbohydrate-based molecules have tremendous potential as therapeutics and for other commercial applications, such as cosmetics, and this acquisition of TFChem gives Sirona Biochem the opportunity to earn revenue earlier by expanding into these exciting new commercial markets," said Sirona Biochem's President Mark Senner. "We feel the addition of TFChem's expertise and portfolio leverages our therapeutics program and widely expands our partnering opportunities," he added.
"TFChem has a strong proprietary chemistry method we feel improves the stability, bioavailability, selectivity and efficacy of carbohydrate-based drugs, which are typically very difficult to stabilize," said Sirona Biochem's Vice-President, Research & Development, Dr. Bertrand Plouvier. "TFChem's award-winning chemistry is showing promise in overcoming these stabilization challenges."
"We chose to partner with Sirona Biochem because we feel their development expertise and strong business model are a perfect match to successfully maximize the commercial value of our programs," said Dr. Geraldine Deliencourt-Godefroy, Chief Scientic Officer and founder of TFChem.
As part of the acquisition, TFChem becomes a wholly owned subsidiary of Sirona Biochem Corp. Mr. Mark Senner assumes the role of President of TFChem and continues as President of Sirona Biochem. Dr. Geraldine Deliencourt-Godefroy becomes the Chief Scientific Officer of both Sirona Biochem and TFChem. Discovery and research will continue at the TFChem laboratory in Val de Reuil, France, while preclinical research, finance and business operations will be managed in Vancouver, Canada.
Sirona Biochem has purchased from TFChem's shareholders all of TFChem's issued shares for approximately 13,000,000 common shares in the capital of the Company at a deemed price of CDN$0.10 per share, plus EUR500,000, or approximately CDN$665,716, in cash for a total purchase price of EUR1,500,000 or approximately CDN$1,997,150. The Sirona Biochem common shares have been issued as of the closing date and will be escrowed and released over a period of six years with immediate release of 10% of the shares on the closing date and the remaining 90% released over six years in 7.5% increments every six months.
Using the proprietary chemistry platform developed by TFChem, Sirona Biochem plans to develop three major programs - diabetes therapeutics, anti-aging cosmeceuticals and biological ingredients. The Company has identified anti-aging cosmeceuticals and biological ingredients as high valued programs with lower development costs and shorter development timelines.
TFChem is a drug-discovery company using fluorine atom properties to develop new glycomimetic compounds. Based in Val de Reuil, France, TFChem aims at becoming a major developer of carbohydrate-based drugs. For more information visit www.tfchemistry.com.
About Sirona Biochem Corp.
Sirona Biochem is a biotechnology company developing diabetes and obesity therapeutics, cosmeceuticals and biological ingredients. We are applying a proprietary chemistry technique to improve the pharmaceutical properties of our carbohydrate-based molecules. Our lead product, a sodium glucose transporter (SGLT) inhibitor for Type 2 diabetes, recently achieved positive preclinical results. For more information visit www.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.
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Sirona Biochem Corp.