VANCOUVER, CANADA – October 28, 2010 – Sirona Biochem Corp. Sirona Biochem Corp. (TSX-V:SBM) (the “Company”), a biotechnology company specializing in carbohydrate-based molecules, including therapeutics for diabetes and obesity, cosmeceuticals and biological ingredients, announced today that it has closed an over-subscribed non-brokered private placement for total gross proceeds of CDN$1,049,000.
The private placement consists of 10,490,000 units at a price of $0.10 per unit. Each unit consists 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 connection with the financing, the Company paid $47,400 in finders fees, pursuant to the policies of the TSX Venture Exchange. The securities issued will be subject to a hold period of four months and a day.
The net proceeds of the financing will be used to advance the company’s research and development activities of its drug candidates for diabetes and obesity, complete its acquisition of TFChem and for general working capital.
About Sirona Biochem
Sirona Biochem Corp. is a biotechnology company specializing in carbohydrate-based molecules. We are applying our proprietary chemistry expertise towards the development of three carbohydrate-based programs including therapeutics for diabetes and obesity, anti-aging cosmetic ingredients and biological ingredients. Using a fluorine chemistry technique, Sirona Biochem aims to maximize the commercial value of carbohydrate-based drugs by improving their properties. In August 2010, Sirona Biochem announced it had signed a binding preliminary agreement to acquire France-based TFChem. For more information visit: www.sironabiochem.com.
For more information regarding this press release, contact:
Sirona Biochem Corp.
Phone : 604.641.4466 x.273
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.