Dr. Howard Verrico reports
SIRONA BIOCHEM RECEIVES $500,000 USD MILESTONE PAYMENT FROM WANBANG BIOPHARMACEUTICALS
Sirona Biochem Corp. has received the $500,000 (U.S.) milestone payment from partner Wanbang Biopharmaceuticals Co. Ltd. for the approval by the China Food and Drug Administration of the phase 1 clinical trial for Sirona Biochem's SGLT-2 inhibitor. Sirona Biochem's SGLT-2 inhibitor, TFC-039, will continue to be developed for the treatment of Type 2 diabetes. Since the two companies signed a licensing agreement in 2014, Sirona Biochem has secured $1.5-million (U.S.) in development milestones from Wanbang Biopharmaceuticals.
Shortly after the announcement of the approval, Dr. Howard Verrico, chief executive officer of Sirona Biochem, met with the Wanbang Biopharmaceuticals team at the Shanghai Fosun Pharmaceutical Industrial Development Company Ltd. headquarters in Shanghai. The meeting focused on next steps in the development of Wangeliejin, the name for TFC-039. Wanbang Biopharmaceuticals expressed its full dedication to the SGLT-2 inhibitor project. The team also shared that while Wanbang Biopharmaceuticals has primarily focused on developing generic drugs, developing TFC-039 shows a need for such a medication in China and its belief in Sirona Biochem's compound. Wanbang Biopharmaceuticals has heavily invested time and money into the first phase of testing and is dedicated to continuing through to market. Clinical trials are currently being set up and anticipated to begin as early as October -- a milestone achievement for both teams.
"As we move into the second half of 2018, we are pleased with the dedication and progress Fosun has made in developing Sirona's SGLT-2 inhibitor for the Chinese market. Following our most recent meeting in Shanghai, both teams remain enthused about the project and partnership," said Dr. Verrico. "Wanbang's powerful marketing, distribution and retail channels allows them to maintain a strong position in the diabetes treatment market. We look forward to the continued progress in working towards a treatment for Type 2 diabetes."
About Sirona Biochem Corp.
Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona Biochem specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona Biochem's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and continuing royalty payments.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.