CALGARY, April 1 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. , specializing in the manufacture of high-value proteins and oils in plant seeds, provides an update on its proprietary plant-produced recombinant human insulin program. In December 2008, SemBioSys announced that MannKind Corporation purchased a non-refundable option to license rights to SemBioSys' proprietary plant-produced recombinant human insulin to be used primarily for AFRESA(TM), MannKind's ultra-rapid acting insulin product. At the time the option was taken, MannKind had completed diligence related to the SemBioSys insulin program and final written agreements had been prepared for execution, were the option to be exercised. In March 2009, MannKind announced that it had entered into agreements with Pfizer Inc. "to purchase Pfizer's insulin facility at Industriepark Hoechst, Frankfurt am Main, Germany and assets related to the production of bulk insulin, including the relevant real property rights, the production equipment, a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery." The option period for SemBioSys' agreement with MannKind expired yesterday without action and SemBioSys is now free to execute agreements relating to its insulin program with other parties.
Also in March 2009, SemBioSys reported results from the Phase I/II trial of its recombinant human insulin (SBS-1000) in human volunteers. SBS-1000 was shown to be bioequivalent to Eli Lilly's Humulin(R) R, a widely-used human insulin in North America.
"Based on prior discussions with third parties, we believe that our recent clinical trial results position us well to continue and expand our partnership discussions," said James Szarko, Chief Executive Officer of SemBioSys. "While the MannKind option was attractive from a timing point of view, and provided a valuable cash infusion, additional partnering options may be open to us now that we have positive clinical data for plant-made insulin."
About SemBioSys
Calgary, Alberta-based SemBioSys is a world leader in manufacturing high-value proteins and oils in plant seeds. With its unique, proprietary platform, SemBioSys provides partners with product enablement, exceptionally low cost and unprecedented scalability. The Company applies this platform with high selectivity to opportunities where it has a unique competitive advantage. Since its inception, SemBioSys has produced more than 50 non-native proteins and oils using its patented seed technology, demonstrating applicability across a broad range of industries such as pharmaceuticals, personal care and industrial products. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at www.sembiosys.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but 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 filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
CONTACT: SemBioSys Genetics Inc., Abby Garfunkel, Investor Relations,
Phone: (403) 717-4185, E-mail: garfunkela@sembiosys.com; The Trout Group,
Christine Labaree, Managing Director, Phone: (617) 583-1307, E-mail:
clabaree@troutgroup.com; The Equicom Group Inc., Ross Marshall, Vice
President, Phone: (416) 815-0700 ext. 238, E-mail:
rmarshall@equicomgroup.com
