CALGARY, Dec. 10 /CNW/ -- SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, today announced that it has received a $400,000 milestone payment from AVAC Ltd. as part of the previously announced $1.5 million non-dilutive investment for the development of its Apo AI(Milano) candidate. AVAC is a private, not-for-profit company that invests in research initiatives and early-stage commercial businesses that expand Alberta's value-added industry.
This is the second payment SemBioSys has received from AVAC, following the upfront payment SemBioSys received from AVAC in May. The final milestone payment will be based on the execution of additional short term Apo AI(Milano) development milestones.
"SemBioSys has successfully delivered on several Apo AI(Milano) milestones including the initiation of bench to pilot manufacturing scale-up and the harvest of more than 20 tonnes of safflower seed containing Apo AI(Milano), which provides a surplus of Apo AI(Milano) material for the scale-up process," said James Szarko, President and CEO of SemBioSys Genetics Inc. "This second tranche of funding demonstrates SemBioSys' ability to continue to hit key milestones in its Apo AI(Milano) development program, as well as AVAC's ongoing support for SemBioSys' platform technology and this promising next-generation cardiovascular candidate."
Calgary, Alberta-based SemBioSys is focused on leveraging our unique proprietary platform to manufacture high-value proteins and oils. SemBioSys' seed-based protein production system can provide for its partners product enablement, exceptionally low cost and unprecedented scalability. SemBioSys is applying the platform with high selectivity to products with tremendous clinical promise and value potential. The Company's current pharmaceutical development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AI(Milano), a next-generation cardiovascular therapy. SemBioSys is listed on the Toronto Stock Exchange under the ticker SBS. More information is available 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(Milano) 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.