Navigation Links
SemBioSys receives US$2.5 million from option agreement with MannKind for plant-produced insulin
Date:1/6/2009

CALGARY, Jan. 6 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), a biotechnology company developing protein pharmaceuticals in crop plants, today announced it has received US$2,500,000 from MannKind Corporation (Nasdaq: MNKD) as consideration for the option agreement and issuance of 2,400,000 units of SemBioSys, as previously announced December 24, 2008. The transaction provides MannKind with the option to the license rights to SemBioSys' proprietary plant-produced recombinant human insulin for use primarily in MannKind's ultra-rapid acting insulin, AFRESA(TM).

The units were issued at a price US$0.83 (Cdn$1.00) per unit. Each unit issued by SemBioSys consists of one common share of SemBioSys and one-tenth of one common share purchase warrant of SemBioSys. Each whole warrant entitles MannKind to purchase one additional common share of SemBioSys at an exercise price of Cdn$6.00 for a period of 36 months from the effective date of the option. The option period for the license rights ends on March 31, 2009.

About SBS Plant-Produced Insulin

SemBioSys' plant-produced insulin is human insulin produced from genetically enhanced safflower. SemBioSys has demonstrated that its plant-produced insulin is physically, structurally and functionally indistinguishable from pharmaceutical-grade human insulin through analytical testing and pre-clinical sub-chronic toxicology studies in rodents and primates. SemBioSys is currently conducting a Phase I/II clinical trial of its plant-produced insulin. The three-arm study, of up to 30 healthy volunteers, is designed to demonstrate the bioequivalence of safflower-produced insulin to two commercial insulin standards. Full results are expected to be available during the first half of 2009.

About SemBioSys

Calgary, Alberta-based SemBioSys is a biotechnology company developing protein-based pharmaceuticals using its proprietary protein production technology. This technology enables the production of therapeutic proteins in plant seeds by genetically enhancing the safflower plant. SemBioSys' lead pharmaceutical candidates are recombinant human insulin, which is intended to serve the rapidly expanding global diabetes market, and Apo AI(Milano). Apo AI(Milano) is a variant of Apo AI, the major protein associated with high density lipoprotein (HDL), or "good cholesterol", whose function is to remove excess cholesterol from arteries. In addition to its pharmaceutical products, SemBioSys' subsidiary, Botaneco Specialty Ingredients Inc., is selling oleosome-based all natural products in the global personal care ingredient market. More information is available and can be accessed 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 AI 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.
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. SemBioSys begins phase I/II trial of insulin produced in plant seeds
2. SemBioSys eligible to proceed with Phase I/II plant-produced insulin trial after submission of IND
3. SemBioSys announces second quarter 2008 financial and operational results
4. SemBioSys submits IND for safflower-produced insulin to U.S. FDA
5. SemBioSys Demonstrates Functionality of its Safflower Produced Apo AI(Milano)
6. SemBioSys to present at the Needham & Company Biotechnology and Medical Technology Conference
7. SemBioSys provides update on shrimp feed additive, Immunosphere(TM)
8. SemBioSys announces first quarter 2008 financial and operational results
9. SemBioSys receives milestone payments from AVAC Ltd.
10. SemBioSys initiates toxicology study for safflower-produced insulin
11. SemBioSys announces 2007 financial and operational results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/27/2017)... -- Infectex Ltd., a Russian portfolio company of Maxwell Biotech Venture Fund ... to the standard drug therapy regimen in patients with multidrug-resistant pulmonary tuberculosis (MDR-TB). SQ109 ... USA ) and the US National Institutes of Health. ... ... ...
(Date:3/27/2017)... , March 27, 2017 The new ... a comprehensive library of reports on Valero Energy , ... fuels and petrochemical industries. ...      (Logo: http://photos.prnewswire.com/prnh/20160330/349511LOGO) ... production to go green. Ethanol today, even though touted as ...
(Date:3/27/2017)... DIEGO , March 27, 2017  Trovagene, Inc. ... that its Chief Executive Officer, Bill Welch , ... April 4, 2017 at 9:00 AM EDT at the ... .  Bill Welch, and Chief Scientific Officer, Mark ... with investors during the conference.   The presentation ...
(Date:3/24/2017)... MARIETTA, Ga. , March 24, 2017 ... and biopharmaceutical company utilizing human placental tissue allografts and ... therapies for multiple sectors of healthcare, announced today  that ... New York , NY.  Parker H. ... , Chief Financial Officer, Christopher M. Cashman , ...
Breaking Biology Technology:
(Date:3/24/2017)... Research and Markets has announced the addition of the ... Forecast to 2025" report to their offering. ... The Global Biometric Vehicle Access System ... over the next decade to reach approximately $1,580 million by 2025. ... forecasts for all the given segments on global as well as ...
(Date:3/23/2017)... , Mar. 23, 2017 Research and Markets ... Market Analysis & Trends - Industry Forecast to 2025" report ... ... at a CAGR of around 8.8% over the next decade to ... report analyzes the market estimates and forecasts for all the given ...
(Date:3/22/2017)... 2017 Optimove , provider of ... such as 1-800-Flowers and AdoreMe, today announced two ... Replenishment. Using Optimove,s machine learning algorithms, these features ... replenishment recommendations to their customers based not just ... customer intent drawn from a complex web of ...
Breaking Biology News(10 mins):