SemBioSys announces second quarter 2008 financial and operation...(nic later thisyear as the first recombin...)
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SemBioSys announces second quarter 2008 financial and operational results
Date:8/5/2008
nic later this year as the first recombinant human protein produced from safflower to advance into human trials, which addresses a component of the largest volume drug protein market in the world. The animal results we received demonstrating safflower-produced Apo AI(Milano) successfully increased cholesterol mobilization were a critical milestone for the Company. With these data in hand, we are now able to intensify our formal partnering process for Apo AI(Milano) in parallel to the execution of additional animal studies designed to show plaque remodeling and plaque regression. We are already engaged in discussions with several major pharmaceutical companies concerning this program," said Andrew Baum, president and chief executive officer of SemBioSys. "As we advanced each of our pharmaceutical programs we also made important operational progress with our subsidiary, Botaneco. The funding from AVAC and Avrio provides Botaneco with the financial independence to pursue commercial opportunities on its own, while SemBioSys focuses its resources on advancing the insulin and Apo AI(Milano) programs."
Financials
Prior to the third quarter of 2007, SemBioSys operated under one segment. During the third quarter of 2007, Botaneco completed construction of its manufacturing facility and SemBioSys began to operate in two reportable segments: (i) the Biopharmaceutical, Animal Health and Nutritional Oils segment focused on the Company's lead pharmaceutical candidates, recombinant human insulin and Apo AI(Milano) and (ii) the Specialty Ingredients segment. As of October 1, 2007, Botaneco Specialty Ingredients Inc. was established as a separate legal entity, and SemBioSys' previously dormant U.S. subsidiary, SemBioSys Inc., was renamed as Botaneco Inc.
Total revenue for the three and six-month periods ended June 30, 2008
was $62,207 and $272,234 respectively, compared with $459,407 and
$1,002,195 for the corresponding periods in 2007. The difference is due
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| SOURCE SemBioSys Genetics Inc. Copyright©2008 PR Newswire. All rights reserved |
Related biology technology :
1. SemBioSys submits IND for safflower-produced insulin to U.S. FDA
2. SemBioSys Demonstrates Functionality of its Safflower Produced Apo AI(Milano)
3. SemBioSys to present at the Needham & Company Biotechnology and Medical Technology Conference
4. SemBioSys provides update on shrimp feed additive, Immunosphere(TM)
5. SemBioSys announces first quarter 2008 financial and operational results
6. SemBioSys receives milestone payments from AVAC Ltd.
7. SemBioSys initiates toxicology study for safflower-produced insulin
8. SemBioSys announces 2007 financial and operational results
9. SemBioSys GLA Partner Enters Strategic Alliance for the Sales and Marketing of GLA-Rich Safflower Oil
10. SemBioSys awarded key patent for the production of oleosome emulsions by the European Patent Office
11. SemBioSys to present at the 10th Annual BIO CEO & Investor Conference
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