Vancouver, British Columbia – September 27, 2017 – Sirona Biochem Corp. (TSX-V: SBM.V) (FRANKFURT: ZSB) (Xetra: ZSB), (the “Company”) announced that its wholly-owned French subsidiary, TFChem, has received the final tranche of the CDN$1.2 million from Bpifrance (the French Public Investment Bank) and the district of Haute Normandie. The final loan tranche, totaling CDN$487,000, will be used to advance the organization’s anti-aging project.
Repayment of the loan will be made in installments, beginning in Q3 2018 with the majority being paid after 2020. The company expects to be well into substantial milestone and royalty payments before any repayment of the loan begins.
According to the latest report by Zion Market Research, the global anti-aging market is expected to reach USD 216.52 billion in 2021 and is anticipated to grow at a CAGR of 7.5% between 2016 and 2021.
“The final loan tranche will be used to further the studies for anti-aging activity and mechanism of action of the glycoprotein library compounds”, reports Dr. Howard Verrico, CEO and Chairman of Sirona Biochem, “We would like to extend our gratitude to Bpifrance and the district of Haute Normandie.”
While the compounds have undergone several rounds of testing for activity, they require further assessment to determine a mechanism of action. The library is also being evaluated for effectiveness in preserving other cell types, expanding market opportunity. Potential commercial opportunities could include cell storage, transplant and healing.
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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For more information regarding this press release, contact:
Christopher Hopton, CFO
Sirona Biochem Corp.
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.