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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 mai
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SOURCE SemBioSys Genetics Inc.
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Related biology technology :

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