CALGARY, Nov. 21 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. , a biotechnology company developing a broad pipeline of protein- based pharmaceutical product candidates and non-pharmaceutical products, today announced the completion of $2,500,000 in new long-term secured debt financing from Oxford Finance Corporation of Virginia.
The proceeds will be primarily used to fund the Company’s capital asset purchases, including tripling the capacity of the Company’s plant growth facilities. The plant growth facility expansion is necessary to provide additional capacity for the ongoing scale-up of the Company’s pharmaceutical product candidates. The funding will also be used to purchase the analytical equipment necessary to implement SemBioSys’ clinical and pre-clinical programs.
“We are moving from the research phase to the development phase with our pharmaceutical product candidates, insulin and Apo AI. This new funding ensures that we have the capital equipment and facilities necessary to advance these products into the clinic,” said Andrew Baum, President and Chief Executive Officer of SemBioSys Genetics Inc.
“Oxford is pleased to provide SemBioSys with financing to support their facilities expansion initiative and the advancement of their pharmaceutical products,” said J. Alden Philbrick, President and Chief Executive Officer of Oxford Finance Corporation. “We firmly believe in the market opportunity for their technology and product candidates and appreciate the chance to contribute to their growth.”
In addition to the plant growth facilities SemBioSys operates a 35,000 square foot headquarters and research facility that includes state-of-the-art laboratories and a pilot plant.
About SemBioSys Genetics Inc. (www.sembiosys.com)
Calgary, Alberta-based SemBioSys Genetics Inc. is a biotechnology company focused on the development, commercialization and production of protein-based pharmaceuticals and non-pharmaceutical products based on its plant genetic engineering skills and proprietary oilbody-oleosin technology platform - the Stratosome(TM) Biologics System. Its two lead pharmaceutical product candidates are insulin and a developmental cardiovascular drug called Apo AI. It also has a series of non- pharmaceutical products addressing animal health, nutraceutical and human topical markets. SemBioSys currently has five major funded partnership agreements with Syngenta Participations AG, Martek Biosciences Corporation, Lonza Inc., Dow AgroSciences LLC and Arcadia Biosciences, Inc.
About Oxford Finance Corporation
Oxford Finance Corporation, a subsidiary of Sumitomo Corporation, is a specialty finance firm providing senior secured loans to public and private life science companies worldwide. For nearly twenty years, Oxford’s seasoned management team has delivered flexible financing solutions to its clients, enabling them to maximize their equity by leveraging their assets. Oxford is headquartered in Alexandria, Virginia, with additional offices in California and Massachusetts.
Except for historical information, this press release may contain forward-looking statements, which reflect the Company’s current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.
SemBioSys Genetics Inc.
CONTACT: SemBioSys Genetics Inc., Mr. Andrew Baum, President and ChiefExecutive Officer, Phone: (403) 717-8767, Fax: (403) 250-3886, E-mail:bauma@sembiosys.com, Internet: www.sembiosys.com; Investor Relations, RossMarshall, The Equicom Group Inc., Phone: (416) 815-0700 (Ext. 238), Fax:(416) 815-0080, E-mail: rmarshall@equicomgroup.com