Sirona Biochem Receives $500,000 USD Milestone Payment from Wanbang Biopharmaceuticals

Sirona Biochem Corp. announced that it has received the $500,000 USD milestone payment from partner Wanbang Biopharmaceuticals Co., Ltd for approval by the China Food and Drug Administration of the Phase I Clinical Trial for Sirona’s SGLT-2 inhibitor. Sirona’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 USD in development milestones from Wanbang.

Shortly after the announcement of the approval, Sirona CEO, Dr. Howard Verrico met with the Wanbang team at the Shanghai Fosun Pharmaceutical Industrial Development Company Limited (“Fosun”) headquarters in Shanghai. The meeting focused on next steps in the development of “Wangeliejin”, the name for TFC-039. Wanbang expressed their full dedication to the SGLT-2 inhibitor project. The team also shared that while Wanbang has primarily focused on developing generic drugs, developing TFC-039 shows a need for such a medication in China and their belief in Sirona’s compound. They have heavily invested time and money into the first phase of testing and are 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. Howard Verrico, CEO. “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.”