Sirona Biochem Signs Letter of Intent with Top Chinese Pharmaceutical Development Company
Strategic Collaboration Planned to Bring Sirona's Product Pipeline to Commercial-Ready Stage
VANCOUVER, March 4, 2020 /CNW/ - Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (US-OTC: SRBCF) ("Sirona") is pleased to announce that it has signed a Letter of Intent ("LOI") with the Chinese pharmaceutical company, Beijing Huaxi Pharma Co, Ltd. ("Huaxipharm"), ranked number five in the field of pharmaceutical development in China, to engage in a collaborative effort to bring Sirona's product pipeline to commercial-ready stage for the global market.
Huaxipharm will co-develop on all steps to complete full commercialization of the products created by Sirona. This includes preclinical, clinical development, regulatory, commercial scale up and manufacturing for commercial applications of Sirona's compounds for indications mutually agreed upon in the definitive agreement. Huaxipharm will receive a determined percentage ownership of the commercialized product for global sales as results of its inputs in the process of product commercialization.
The LOI is representative of the commitment of both organizations to work together. Sirona and Huaxipharm can now move to complete negotiations of a definitive agreement which should be completed in Q2/2020. Once Huaxipharm is publicly listed, Sirona management anticipates the relationship going well beyond the service and development agreement.
"Huaxipharm is a partner that can provide a new level of product development both in China and globally. Their expertise in active ingredients as well as a solid understanding of the CDFA navigation will benefit Sirona greatly with expansion into this marketplace. Huaxipharm has added expertise that will allow Sirona's scientists to better develop new opportunities beyond drug discovery to fully commercially ready products," said Dr. Howard Verrico, CEO of Sirona Biochem. "We are also monitoring the situation in China as it combats the Coronavirus. We have an established team in China which is continuing to move our projects forward. To date all projects are progressing. We have modified travel plans of our team but continue to conduct business virtually and will move meeting locations as necessary. We are also advancing on other fronts outside of China where we are optimistic to provide an update in the near term", he added.
"After screening the worldwide market for promising collaboration partners for quite some time, we were pleased to get introduced to Sirona Biochem and quickly realized the enormous potential of their platform technology. We are looking forward to finalizing our due diligence and definitive agreement as soon as possible so that we can get to work in bringing new and innovative Sirona compounds to the market," said Dr. Hua Bi, CEO of Beijing Huaxi Pharma.
About Beijing Huaxi Pharma
Beijing Huaxi Pharma ("Huaxipharm") is a leading company in the field of pharmaceutical development, founded in 2003. For the 16 years since establishment, Huaxipharm has had many achievements, including creating a high-quality proficient team in pharmaceutical technology development and management, building up a core capability in pharmaceutical chemistry manufacturing and controls (CMC) and establishing new drug development that is compliant with international market standards with respect to: R&D environment, lab equipment, human resource allocation, quality system and management system.
Huaxipharm has recently realized its successful transformation from a technology enterprise to a pharmaceutical development and manufacturing company through M&A and reorganization. Its current business covers independent development and manufacturing of API, oral solid formulation for global markets with the international GMP certification. It also undertakes contract manufacturing or OEM business such as for nasal spray, eye drops and other liquid preparations by international technology transfer that are compliant to international GMP certification.
In 2015, Huaxipharm was listed as one of the top-five companies in China for the number of pharmaceuticals receiving IND approvals from China's CFDA (after Hengrui, Bayer, Yangzi River and Pfizer). The Company has made significant achievements in promoting the Chinese pharmaceutical industry, completing tens of tech transfers to the top pharmaceutical companies in China in API synthesis optimization and pharmaceutical formulation for large-scale production.
Huaxipharm is seeking cooperation or partnership with outstanding enterprises for providing global market with high-quality pharmaceuticals of social benefits, aspiring to become a respected international pharmaceutical company.
Huaxipharm has intention to pursue an IPO at the Hong Kong Stock Exchange.
For more information, visit: www.huaxipharm.com
(Note: the web site is currently being updated as a priority task in response to the planned collaboration)
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.
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]
Share this article