Canadian Biotechnology Company receives payments for achieving milestones
with safflower-produced insulin and Botaneco subsidiary
TSX symbol: SBS
CALGARY, April 7 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), a biotechnology company developing a portfolio of therapeutic proteins for metabolic and cardiovascular diseases, today announced that it has received milestone payments totaling CDN$850,000 from AVAC Ltd. The payments relate to separate agreements that SemBioSys has entered into with AVAC to advance the development of its safflower-produced insulin and the commercial activities of its wholly-owned subsidiary, Botaneco Specialty Ingredients Inc., which manufactures and markets Botaneco's proprietary product, Hydresia(TM), to personal care companies.
"These milestone payments demonstrate our progress with two key opportunities: safflower-produced insulin and the Botaneco business," said Andrew Baum, President and CEO of SemBioSys. "Our long-standing relationship with AVAC has provided access to non-dilutive capital allowing us to accelerate our progress on both our non-pharmaceutical and pharmaceutical products which have the potential to generate value in the both short- and longer-term, respectively. By achieving critical milestones we have continued to earn their support, specifically on the development of insulin and the commercialization of Hydresia(TM). We believe these two programs will be critical to our growth and we appreciate the commitment that AVAC has made to them."
SemBioSys received a $350,000 milestone payment for completing a number
of technical objectives in the development of its insulin program,
including the initiation of the preclinical toxicology study of the
Company's safflower-produced insulin. The funds will be used to further
develop and advance SemBioSys' insulin program and are part of up to
$873,000 committed by AVAC. The Company intends to submit an
|SOURCE SemBioSys Genetics Inc.|
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