Vancouver, British Columbia – June 29, 2012 – Sirona Biochem Corp. (TSX-V: SBM, OTC: SRBCF, Frankfurt: ZSB), announced today it has released its quarterly financial results. The consolidated financial statements can be downloaded from SEDAR at www.sedar.com. A copy of Sirona Biochem’s Q2 shareholder letter can be found on the company’s website.
Interim financial statements have been prepared in accordance with Canadian Generally Accepted Accounting Principles.
Sirona recorded a net loss of $770,034 ($0.01 per common share) for the three months ended April 30, 2012 (Q2-2012), compared to a net loss of $504,749 ($0.01 per common share) for the three months ended April 30, 2011 (Q2-2011). The net loss for the current quarter was largely due to expenditures incurred on our ongoing research and development programs, as well as normal operating costs.
Research and development expenditures were $51,672 for Q2-2012 compared to $126,542 for Q2-2011. Operating expenses were $778,914 during the period ended April 30, 2012, compared to $506,826 during the same period last year.
Liquidity and Outstanding Share Capital
At April 30, 2012, the Company had cash and cash equivalents of $776,295 and total assets of $3.6 million. As of April 30, 2012, the Company had 79,672,651 common shares issued and outstanding and 3,945,000 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD $0.14 per share.
About Sirona Biochem Corp.
Sirona Biochem is a biotechnology company developing diabetes therapeutics, cancer vaccine antigens, skin depigmenting and anti-aging agents for cosmetic use, and biological ingredients. The company utilizes a proprietary chemistry technique to improve pharmaceutical properties of carbohydrate-based molecules. For more information visit www.sironabiochem.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information regarding this press release, contact:
Sirona Biochem Corp.
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.