VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sep 30, 2013) - Sirona Biochem Corp. (TSX VENTURE:SBM) (SRBCF) (ZSB.F) announced today the signing of a Letter of Intent whereby Sirona Biochem will provide a global exclusive license to Obagi Medical Products to commercialize the skin lightening compound TFC-849. In exchange for this license, Sirona Biochem will receive upfront and milestone payments as well as ongoing royalty payments for global product sales.
"We are thrilled to be partnering with Obagi Medical Products to commercialize our skin lightening technology into a global market projected to reach $19.8 billion by 2018", said Neil Belenkie, Chief Executive Officer of Sirona Biochem. "Our goal is to grow this relationship, developing a pipeline of leading compounds for Obagi Medical Products for sale around the world".
About Sirona Biochem
Sirona Biochem is not a traditional biotech company. Sirona is a product-pipeline 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 being developed for both pharmaceutical and cosmetic marketplaces and are patented as new chemical entities for maximum commercial protection and revenue potential. 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 licence 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 Sirona Biochem will be able to enter into a definitive license agreement with Obagi Medical Products or that it will be completed on the terms set out in the LOI; (ii) that Obagi Medical Products will be able to develop and commercialize Sirona's skin lightening compound TFC-849; and (iii) that Sirona Biochem will be able to earn the milestone payments as contemplated under the LOI or 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.