VANCOUVER, Feb. 6, 2019 /CNW/ - Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (the "Company") announces that it has signed a Right of First Refusal (ROFR) agreement with an industry-leading, skincare company to license Sirona's skin lightener, TFC-1067. The company is a leader in North American skincare sales with rapidly growing international sales channels.
The skincare company has completed extensive due diligence on TFC-1067. This includes both the data package provided by Sirona as well as their independent research and analysis on the compound. This work is contributing to the goal of an international commercial launch of what we are proving will be both a safe and effective skin lightener in an industry where other compounds typically suffer from either poor efficacy or toxicity issues.
The ROFR agreement, which includes all territories except China, states that upon receipt of the clinical trial report from dermatologist Dr. Zoe Draelos, the company will have 30 days to review the data. At that time, the company will notify Sirona of their intent to conclude a licensing agreement. At their request, the company's identity and the detailed agreement will remain confidential until a definitive agreement is executed.
Sirona has received an up-front payment for the acceptance of the ROFR.
"We are very pleased to have established this arrangement. A great deal of time and resources have been invested by both Sirona and the skincare company working on the advancement of TFC-1067 with the goal of an international commercial launch", reports Dr. Howard Verrico, CEO of Sirona. "In order to protect the company and justify their ongoing efforts, the ROFR was a necessary step in advance of our clinical trial results, as these results are also greatly anticipated by other major skincare companies. This is an exciting time for Sirona's team here in Canada as well as our scientific team in France and marks another milestone towards commercially launching a disruptive new skin lightening ingredient in this 20 Billion USD global skin lightening market1."
About Dr. Zoe Draelos
Dr. Zoe Draelos is a clinical and research dermatologist based in High Point, North Carolina. Dr. Draelos, supported by a team of highly skilled scientists, is the head of the Dermatology Consulting Services (DCS) research organization, aimed at facilitating research, consulting and communication services to the pharmaceutical and cosmetic industries. The clinical trial center runs assessments on different skin, hair and nail conditions, such as acne, psoriasis, hair loss and aging.
With over thirty years of experience, Dr. Draelos has been recognized many times over the years for her cutting-edge research, including the lifetime achievement award from Health Beauty America and the Society of Cosmetic Chemists. A pioneer in the field of cosmetic dermatology, Dr. Draelos continues to work with lead cosmetic and pharmaceutical companies as well as furthering her own research in the dermatology space.
Dr. Draelos was a past vice-president of the American Academy of Dermatology and is a Consulting Professor of Dermatology at Duke University. She has authored over 300 articles, 8 books and has shared her expertise across different media.
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.
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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.
Fact.MR (July 2018) Retrieved from: https://globenewswire.com/news-release/2018/07/10/1535161/0/en/Key-Insights-on-Skin-Lightening-Products-Market-through-2022-by-Fact-MR.html
SOURCE Sirona Biochem Corp.
For further information: regarding this press release, please contact: Christopher Hopton, CFO, Sirona Biochem Corp., Phone: 1.604.282.6064, Email: [email protected]