CALGARY, May 4 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, today announced that it has reached an agreement with AVAC Ltd. for a $1.5 million loan for the development of its Apo AIMilano candidate. AVAC is a private, not-for-profit company that invests in research initiatives and early stage commercial businesses that expand Alberta's value-added industry.
The funds will be advanced with an upfront payment followed by two smaller installments based on the execution of short term Apo AIMilano development milestones expected to be completed by January 2010. The funds are repayable at the end of 18 months with interest.
"This funding comes at a very important time as it will contribute towards the achievement of near-term objectives for our Apo AIMilano candidate and allow us to leverage additional funding opportunities," said James Szarko, President and CEO of SemBioSys Genetics Inc. "AVAC's continued support reflects the shared vision of our enabling technology platform and its applicability to biopharmaceuticals like Apo AIMilano. This next-generation drug has the potential to meet a very large unmet need in cardiovascular disease. The terms of the funding provide us sufficient time to execute substantial value-generating milestones for this promising program."
"AVAC has very high hopes for SemBioSys' technology platform and has been a strong supporter of the Company since 2001. The Apo AIMilano product has true blockbuster potential and will provide the medical community with new tools to address the debilitating and potentially life-threatening consequences of atherosclerosis," says Jim Hardin, AVAC Investment Manager.
"In addition to its direct investments in early-stage companies, AVAC also participates in commercially-relevant agricultural research and we are the leading early-stage venture capital fund-of-fund investor in Alberta," said Ross Bricker, AVAC President and CEO. "Since 1997, with the support of the Alberta and Canadian Governments, we have invested in and provided guidance to over 110 early-stage companies who have reported more than $340 million in aggregate sales to date that can be directly attributed to AVAC investments."
Calgary, Alberta-based SemBioSys is a world leader in manufacturing high-value proteins and oils in plant seeds. With its unique, proprietary platform, SemBioSys provides partners with product enablement, exceptionally low cost and unprecedented scalability. The Company applies this platform with high selectivity to opportunities where it has a unique competitive advantage. Since its inception, SemBioSys has produced more than 50 non-native proteins and oils using its patented seed technology, demonstrating applicability across a broad range of industries such as pharmaceuticals, personal care and industrial products. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AIMilano, a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available at www.sembiosys.com.
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "believe", "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, changing market conditions and market size, the acceptance of an IND by the FDA in respect of clinical studies, the submission of a CTA to the appropriate European authorities, the successful initiation and timely and successful completion of clinical studies, the fact that Apo AIMilano is currently a development stage drug, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process and other risks detailed from time-to-time in the Company's ongoing filings with the Canadian securities regulatory authorities which filings can be found at www.sedar.com. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable Canadian securities laws.
|SOURCE SemBioSys Genetics Inc.|
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