CALGARY, Nov. 13 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, today announced its third quarter 2009 financial and operational results.
"We entered into an agreement with Cathedral Energy Services Income Trust, subsequent to the end of the quarter, which will provide us with gross proceeds of approximately $3.3 million in new non-dilutive capital. This capital infusion will extend the development runway for our Apo AI(Milano) and Biosimilar Insulin programs," said James Szarko, President and Chief Executive Officer of SemBioSys. "During the quarter we also announced key agreements with INDEAR and between Botaneco and Advitech. Our partnership with INDEAR for the commercialization and supply of safflower-made chymosin further validates our platform technology as a versatile, scalable, and cost-effective protein production system. Botaneco's pending merger with Advitech provides it with additional funding and strengthens its product portfolio while still securing a portion of the upside potential from the Botaneco opportunity for SemBioSys. The agreements with INDEAR and Botaneco/Advitech demonstrate our ability to accelerate the commercialization and capture future revenue streams from our non-pharmaceutical programs through strategic partnerships and corporate transactions."
Highlights Corporate - Botaneco entered into an agreement with Advitech Inc., whereby Advitech will acquire all of the issued and outstanding shares of Botaneco Specialty Ingredients Inc. (Botaneco). SemBioSys will hold an initial 9.48 percent shareholding in Advitech, in return for the 19.35 percent share of Botaneco it held prior to the agreement. A subsequent $2.5 million financing for the combined entity is also anticipated to close in the fourth quarter. - SemBioSys entered into an exclusive commercial lice
|SOURCE SemBioSys Genetics Inc.|
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