New Joint Venture Focused on Multi-Million Dollar Short-Term Revenue Opportunities
CALGARY, Feb. 8, 2012 /CNW/ - SemBioSys Genetics Inc. (TSX:SBS), today announced that it will be present at the 5th Canada-China Business Forum (CCBF) and Signing Ceremony on February 9, 2012, in Beijing, China. SemBioSys and its Chinese partner, Tasly Pharmaceutical Co., Ltd. are to sign supplementary documents necessary to establish the recently People's Republic of China approved Joint Venture. The Joint Venture, based in Tianjin, China, called Tasly-SemBioSys Bio-Pharmaceutical Technology Co., Ltd., will commercialize near, medium, and long term healthy living, nutritional, and pharmaceutical products utilizing Tasly and SemBioSys' plant-based technology and expertise.
"The common values and scientific principles we share with Tasly Pharmaceutical and their approach to traditional Chinese medicine and biological drugs made our partnership a natural step in the progression of SemBioSys," said James Szarko, President and CEO of SemBioSys. "It is an honour to confirm our agreement at the Signing Ceremony and in the presence of Canada's own Prime Minister Harper."
ABOUT TASLY AND THE PARTNERSHIP
Tasly is one of China's largest pharmaceutical companies and is China's 2nd largest producer of TCMs, which are derived from plants. Its lead drug, Tasly Cardiotonic Pill, is the #1 selling TCM in China for the past seven years. Up to September 30th 2011, Tasly recorded YTD revenues of 4.8 billion RMB with a 10 year compounded growth rate in excess of 20%. Tasly also has operations in the United States, Africa, South East Asia, and the UK.
SemBioSys is a health and wellness company that utilizes its renewable, patented plant seed-based oilbody and plant-based protein expression technology platforms to develop and produce high-value proteins and oils to make nutritional products and drug candidates.
SemBioSys is entitled to 30% ownership and profit sharing of the Joint Venture's profits for contributing select intellectual property. Tasly will contribute 100% of the cost of the Joint Venture's global research, development, and product commercialization. Further, Tasly will facilitate preclinical, clinical, regulatory services, manufacturing and commercial expertise, and utilize its significant sales force to commercialize the Joint Venture's products in China. Its sales force covers approximately 25,000 Chinese hospitals, retail pharmacies and direct to consumer markets with a total of 1,500 representatives.
ABOUT TASLY PHARMACEUTICAL CO., LTD.
Tasly Pharmaceutical, based in Tianjin, China, was founded in May 1994. Through its development, Tasly has become a high-tech group whose scope of businesses include modern TCMs, chemical & biological drugs, healthcare products, and functional foods. The Company has a large research institute and oversees its own product development, planting, manufacturing, commercial sales, and distribution. Tasly manufactures and sells its traditional Chinese medicines, generic drugs, vaccines, and personal care products in China and in several other countries around the world. Tasly entered a drug-wholesaling venture with the UK's Co-operative Group in 2007. For more information about the Company, please visit www.tasly.com.
ABOUT SEMBIOSYS GENETICS INC.
Calgary, Alberta-based SemBioSys is a health and wellness company that utilizes its patented plant seed-based oilbody and genetic expression technology platforms to develop high-value proteins, oils, and drug candidates in oil seed plants. SemBioSys' seed-based protein and oil expression system can enable unique and novel products and exceptionally low cost of production with unprecedented scalability. SemBioSys is focusing the platform through global partnerships to develop healthy living, nutritional, and pharmaceutical products. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at www.sembiosys.com.
Forward Looking Statement and Disclaimer
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: the fact that the Company is a development stage entity and currently relies on investment and not profits to fund it operations; the Company's ability to continue to secure and attract future strategic and investment capital; the Company's ability to continue to successfully development its existing and future product candidates or commercialize them; the Company's exposure to changing global market dynamics, addressable markets and global regulatory environments required to register and market its product candidates; the acceptance of IND's by the FDA in respect of clinical studies; the submission of CTA's to the appropriate European authorities; the successful initiation and timely and successful completion of clinical studies; the establishment of future corporate alliances and partnership;, 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. On June 17, 2011, at our Annual and Special Meeting of Shareholders, shareholders unanimously approved a special resolution, approving an amendment to the Company's articles of incorporation to consolidate its issued and outstanding Common Shares. This provides the board of directors of the Company the authority, in its discretion, prior to June 17, 2012, to select the exact consolidation ration, provided that (i) the ration may be no smaller than one post-consolidation Share for every (8) pre-consolidation Common Shares and no larger than one post-consolidation Share for every thirty (30) pre-consolidation Common Shares, and (ii) the number of pre-consolidation Common Shares in the ratio must be a whole number of common shares. There is no current plan to effect such a Share Consolidation. However, if undertaken, the Company's total market capitalization immediately after the proposed consolidation may be lower than immediately before the proposed consolidation. A decline in the Common Shares after a Share Consolidation may result in a greater percentage decline than would occur in the absence of a consolidation, and the liquidity of the Common Shares could be adversely affected following such a consolidation. In addition, the consolidation may result in some shareholders owning "odd lots" of less than 100 Shares, on a post-consolidation basis, which may be difficult or more expensive to sell on a per share basis, than a round lot of shares. These are only some of the risks associated with a potential Share Consolidation. Further risks regarding the Company are set out in the annual information form 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.
For further information:
SemBioSys Genetics Inc.
President, U.S. and International Operations
Phone: (617) 447-8299
Email: [email protected]
Senior Vice President
Phone: (416) 815-0700 ext. 238
Email: [email protected]