Sirona Biochem announced today that partner Jiangsu Wanbang Biopharmaceuticals has confirmed an IND submission to CFDA for its SGLT2 inhibitor
Vancouver, British Columbia – December 29, 2017 – Sirona Biochem (TSX-V: SBM) (Frankfurt: ZSB) (Xetra®: ZSB) (the “Company”) announced today that partner Jiangsu Wanbang Biopharmaceuticals has confirmed an Investigational New Drug (IND) submission to China’s Food and Drug Administration (CFDA) for its SGLT2 inhibitor. The application will be reviewed by the CFDA for acceptance into clinical trials. Wanbang has confirmed it is processing a $500,000 USD payment to Sirona Biochem.
Sirona Biochem’s SGLT2 inhibitor was licensed to Wanbang’s subsidiary Shanghai Fosun Pharmaceuticals in 2014 with rights for China. This compound, created for the treatment of Type 2 diabetes, will be only the second SGLT2 inhibitor listed in China following the listing of AstraZeneca’s earlier this year.
Since the initial licensing agreement, Fosun Pharma has invested RMB 29 million for the research and development of the SGLT2 inhibitor. With acceptance of the IND application by the CFDA, Fosun Pharma will begin clinical trials, triggering another milestone payment to Sirona Biochem.
“We are very pleased with the progress that has been made by Wanbang thus far with the SGLT2 inhibitor and are eager to see the project through to clinical trials. With clinical trials also planned for our skin lightening agent TFC-1067 in 2018, this demonstrates the enormous potential of our proprietary platform technology”, said Dr. Howard Verrico, CEO.
About Jiangsu Wanbang Biopharmaceuticals
A leading pharmaceutical company in China, Jiangsu Wanbang Pharmaceuticals manufactures and sells a variety of products including those for chronic disease treatment, antibiotics, and other endocrine diseases. Their subsidiary Fosun Pharma is driven by drug research and innovation, continuously investing in and optimizing their drug development capabilities.
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For more information regarding this press release, contact:
Christopher Hopton, CFO
Sirona Biochem Corp.
Phone: 1.604.282.6064
Email: chopton@sironabiochem.com
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds’ efficacy and safety. Sirona Biochem’s compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem’s wholly-owned French laboratory is a recipient of multiple French national scientific awards and a European Union and French government grant. For more information visit www.sironabiochem.com.
