VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 29, 2014) - Sirona Biochem Corp. (TSX VENTURE:SBM)(SRBCF)(ZSB.F) announced today the formal execution of the global exclusive licensing agreement with Obagi Medical Products (Obagi) for the commercialization of skin lightening compound TFC-849. Sirona Biochem will receive a licensing fee and ongoing royalty payments for global product sales from Obagi Medical Products.
Sirona will transfer its patented skin lightening technology and know-how to Obagi. Obagi will be responsible for the manufacturing, distribution and global sales of the final commercial products. Target launch of products including Sirona Biochem's TFC-849 is Q4 2014 for Obagi. The exclusive license for TFC-849 is valid for the global Valeant Pharmaceuticals family of companies.
"Obagi Medical Products is a premiere brand and provider of dermatological therapies worldwide," said Neil Belenkie, Chief Executive Officer of Sirona Biochem. "The skin lightening market, projected to reach $19.8 billion globally by 2018, provides an enormous commercial opportunity for both OMP and Sirona Biochem to provide safer, more effective therapies. We hope this is just the first of many opportunities to work with Obagi Medical Products and the Valeant Pharmaceutical family of companies."
About Obagi Medical Products
Obagi Medical Products, Inc. is a global specialty pharmaceutical company founded by leading skin care experts in 1988, and is owned by Valeant Pharmaceuticals International, Inc. Obagi products are designed to minimize the appearance of premature skin aging, skin damage, hyperpigmentation, acne, and sun damage and are primarily available through dermatologists, plastic surgeons, medical spas, and other skin care professionals.
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary technology platform developed at its laboratory facility in France. The company specializes in the stabilization of carbohydrate molecules, with the goal of improving compounds' efficacy and safety. Sirona Biochem's compounds are patented as new chemical entities for maximum commercial protection and revenue potential. Newly developed compounds are licensed to leading companies around the world in return for licensing and milestone fees and ongoing royalty payments. TFChem, Sirona Biochem's wholly-owned French laboratory is a recipient of multiple French national scientific awards and a European Union and French government grant. For more information visit www.sironabiochem.com.
About the Betaclear (Skin Lightening) Project
Sirona Biochem's French subsidiary TFChem received a $1.9 million grant in November 2011. This project is co-financed by the European Union and Europe Witnesses in Haute-Normandie with the support of the European Regional Development Fund (E.R.D.F.). A consortium of partners, including the University of Rouen (LMSM EA4312), contract research organization Biogalenys, and TFChem has been assembled to advance this project. The French government and European Union are looking to promote and initiate collaborative projects that are focused on the development of new products and services containing a high level of innovation.
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.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Forward-looking statements in many cases can be identified by words such as "may", "will", "expect", "believe", "potential" or other similar terms. Risks and uncertainties include, without limitation, negotiation of the terms of a definitive license agreement; difficulties or delays in development, testing and obtaining regulatory approval of a product; unexpected adverse side effects or inadequate therapeutic efficacy of a product that could delay or prevent product development or commercialization; the scope and validity of patent protection for a product; and competition from other companies. As a result, there are no assurances (i) that Obagi Medical Products will be able to develop and commercialize Sirona's skin lightening compound TFC-849; and (ii) that Sirona Biochem will be able to earn the milestone payments as contemplated under the agreement or that Obagi Medical Products will obtain sales of a product at reasonable commercial levels.
Readers are accordingly cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Sirona Biochem does not assume any obligation to update any forward-looking statements except as required by law.