VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 19, 2013) - Sirona Biochem Corp. (TSX VENTURE:SBM) (SRBCF) (ZSB.F), (the "Company") is pleased to announce that it has closed its private placement in the amount of 9,748,834 units at $0.12 per unit for total gross proceeds of $1,169,860. Each unit consists of one common share and one transferable share purchase warrant, each warrant exercisable into one additional common share of the Company for a period of two years from the date of issue at a price of $0.16 per share.
"This is a tremendous outcome for Sirona Biochem and demonstrates the ongoing support of our shareholders as we continue the development of our technology portfolio," said Chief Executive Officer Neil Belenkie. "This successful equity financing allows us to focus on monetization of our core assets while advancing the technology pipeline."
The Company would like to acknowledge the participation of the Bloom Burton Canadian Healthcare Fund LP in this financing.
The Company paid a total of $36,652.80 in cash and issued a total of 305,440 share purchase warrants to finders in connection with the placement. Each finder's warrant is exercisable into one common share of the Company for a period of two years at a price of $0.16 per share.
All securities issued under the placement are subject to statutory hold periods expiring on January 19, 2014.
Proceeds of the placement will be used for general working capital.
About Sirona Biochem Corp.
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.
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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.