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 .
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of 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 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.
SOURCE Sirona Biochem Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/December2021/13/c8213.html