VANCOUVER, CANADA: Sirona Biochem Corp. (TSX-V: SBM), an emerging biotech company focused on drug development for diabetes and obesity, announced today that it has arranged a non-brokered private placement for total gross proceeds of $215,000
The private placement, which is subject to TSX Venture Exchange approval, consists of up to 2,150,000 units at 10 cents per unit. Each unit will consist of one common share of the company and one transferrable share purchase warrant.
Each warrant is exercisable into an additional common share of the company for a period of two years at a price of $0.20 per share in the first year of the term of the warrant, and at a price of $0.40 per share in the second year of the term of the warrant.
Finders’ fees may be payable in whole, or in part, on the private placement, pursuant to the policies of the TSX Venture Exchange.
Sirona Biochem intends to use the net proceeds from the private placement primarily towards business development and general working capital.
Sirona Biochem Corp. is an emerging biotech company dedicated to the discovery and development of novel drug compounds. The current focus is on treatments for Type II diabetes and obesity. Sirona Biochem has entered into a license agreement with TFChem, a drug discovery company based in Rouen, France. TFChem brings a unique solution to the severe drawbacks (stability and bioavailability) usually associated with carbohydrate-based drugs and thus allows the full exploitation of their therapeutic potential and the development of a new drugs. SGLT inhibitors are a new and exciting class of compounds which have great promise and potential to treat both diabetes and obesity.
John Dougherty, Corporate Development 604-641-4466.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.