VANCOUVER, CANADA: Sirona Biochem Corp. (TSX-V: SBM), an emerging biotech company focused on diabetes and obesity drug development, announced today that it has received a financial contribution of up to $70,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
In addition, Sirona Biochem Corp. will also receive both technical and business oriented advisory services provided by NRC-IRAP.
Sirona Biochem CEO, Dr. Howard Verrico, said “This financial contribution will certainly help us progress our drug development here in British Columbia where we are partnered with a world class testing facility SignalChem. The contribution is to be spent in the program’s current fiscal year and we will be applying for substantial additional funding in the next one.
“Contributions such as these make a very real difference for small biotech companies, particularly in the present climate of fiscal restraint and economic difficulties. We are very grateful indeed for this support from the Federal Government.
“Importantly, this support also shows evidence to shareholders, investors and potential investors alike that a credible institution has done a fairly high degree of independent review of our business model and drug development strategy,” concluded Dr. Verrico.
NRC-IRAP works with small- and medium-sized Canadian firms, providing expertise and advice as well as potential funding in developing their innovative ideas. Financial assistance for this project is a direct result of the Government of Canada’s Economic Action Plan outlined in Budget 2009.
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About Sirona Biochem
Sirona Biochem Corp. (TSX: V – SBM) 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 has entered into a license agreement with TFChem S.A.R.L., a drug discovery company based in Rouen, France. TFChem licenses its technology of fluorinated carbohydrate mimics: GlycoMim®, and products in development to biotech companies. The license agreement with TFChem provides for research and development of new compounds known as SGLT Inhibitors. SGLT inhibitors are a new and exciting class of compounds that have great promise and potential to treat both diabetes and obesity. www.sironabiochem.
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