VANCOUVER, March 18, 2020 /CNW/ - Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) ("Sirona") is pleased to provide the following update:
To our valued Shareholders,
Over the last several weeks, Sirona Biochem's management has been monitoring the recent increase in cases of Coronavirus (COVID-19), as we are sure many of you have. As an international organization, operating on three continents, Sirona has been one of the many companies affected by recent events. I want to assure you that we're taking all necessary steps to advance our projects while minimizing delays and remaining a responsible corporate citizen. While all projects are moving forward, there have been some unavoidable delays and necessary rescheduling.
The health and safety of our employees and consultants is our paramount concern. During these uncertain times, this simple fact has been at the heart of all our discussions. To that end, we have taken numerous proactive measures to address the situation at hand, including:
- We have implemented a work from home policy for our employees and consultants (outside of our lab) to ensure we minimize the opportunity for spreading the virus. Historically we have operated virtually for much of our work and this transition has required minimal effort and has resulted in no loss of productivity.
- We have delayed travel. Fortunately, our strong established relationships with our current partners has allowed this step to limit the impact on moving our projects forward. We will restore travel as soon as it is deemed appropriate, including travel to China.
- We have not been required to suspend operations at the lab as part of a 15-day country wide lockdown in France. We will continue to cooperate with all government measures in the country's in which we operate.
We will not achieve all our goals for this quarter as originally planned, but we still anticipate meeting all goals near term. Sirona has completed preparation for the increased dose (0.4%) clinical study for its skin lightening compound TFC-1067. Starting this clinical trial is the objective most delayed since obtaining formulation supplies from China were delayed pushing the potential trial into summer months. We are currently communicating with a global company (that plans to participate in this trial) to determine an ideal start date. Their participation in the trial is a tremendous added value to Sirona.
Other exciting news is anticipated regarding TFC-039 as stated in our last update. Extensive progress has been made and an announcement is anticipated. We are fortunate to have ample working capital to achieve our goals and are in no need to contemplate any dilutive capital raise. In fact, we are considering an expansion in the lab team to bring added resources to accelerate an exciting new project. Further details of this project and other projects will be forthcoming as we integrate our partners into a unified plan.
At Sirona Biochem, we pride ourselves on delivering exciting new therapeutics and cosmetic ingredients to partners using our proprietary platform technology. We will continue to monitor the COVID-19 situation and follow the directives and advice of the World Health Organization (WHO) and the governmental authorities for as long as necessary. As a shareholder I share your frustrations with current overall market conditions. By demonstrating our ability to navigate these challenging times and grow the company we hope to give shareholders the confidence needed to regain the value of their investment.
Dr. Howard Verrico, CEO
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona's subsidiary lab, TFChem, 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.
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.
For further information: regarding this press release, please contact: Investor Enquiries: Jonathan Williams, Managing Director, Momentum PR, Phone: 1.450.332.6939, Email: [email protected]; Corporate Enquiries: Dr. Howard Verrico, CEO, Chairman of the Board, Sirona Biochem Corp., Phone: 1.604.641.4466, Email: [email protected]