SEMBIOSYS RESPONDS TO RECENT MARKET ACTIVITY
TSX symbol: SBS
CALGARY, Nov. 25 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS) a development stage biotechnology company that utilizes its patented plant seed oilbody expression technology platforms to develop biosimilar drug candidates and high value proteins, today responded to an inquiry by Investment Industry Regulatory Organization of Canada (IROC), regarding recent market activity of the Company's shares.
As previously disclosed, in press releases dated September 24, 2010, October 1, 2010 and November 15, 2010, SemBioSys continues to conduct discussions with third parties that have expressed an interest in the Company's Apo AIMilano and recombinant human insulin programs as a means to extend its cash run way and unlock potential value for shareholders. While these discussions have progressed for both insulin and Apo AIMilano, at this stage, the Company has not executed an agreement with any of the interested parties. While the Company's management is fully engaged, at this time, there are no assurances that this activity will result in a transaction and it is the Company's policy not to comment on specifics related to these discussions or related timelines to completion.
Calgary, Alberta-based SemBioSys is a development stage biotechnology Company that utilizes its patented plant seed oilbody expression technology platforms to develop biosimilar drug candidates and high value proteins. SemBioSys' seed-based protein expression system can enable exceptionally low cost of production with unprecedented scalability and reliability. SemBioSys is focusing the platform selectivity to develop biosimilar product candidates with tremendous commercial value. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a new chemical entity and next-generation cardiovascular therapy with blockbuster revenue potential if it reaches market for treatment of atherosclerosis. SemBioSys' Apo AIMilano is a des-1,2- variant of Apo AIMilano as previously described in scientific literature. 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 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 and market size, the acceptance of an IND by the FDA in respect of clinical studies, the submission of a CTA to the appropriate European authorities, the successful initiation and timely and successful completion of clinical studies, the fact that Apo AIMilano is currently a development stage drug, the establishment of corporate alliances and partnerships, 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.
%SEDAR: 00029364EFor further information:
|SemBioSys Genetics Inc. |
President, U.S. and International Operations
Phone: (617) 447-8299
|The Equicom Group Inc.|
Phone: (416) 815-0700 ext. 238