VANCOUVER, British Columbia, Aug. 01, 2025 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) ("Sirona") wishes to provide shareholders with a critical update on the company's financial position and recent corporate developments.
The convertible debenture financing announced on April 22, 2025, did not attract sufficient investor participation to proceed successfully. This outcome reflects the challenges encountered during a similar financing one year prior. Over the past two years, Vancouver-based management has operated without salary and has personally contributed funds to sustain essential operations.
After an extensive search for strategic investment, Sirona entered into an investment agreement with Promura GmbH, also announced on April 22, 2025. This decision followed a detailed due diligence process, including a review of Promura GmbH and its principal, Mr. Markus Burbach. Despite multiple assurances and repeated delays, the funds committed under this agreement were never received. Sirona has now concluded that the investment will not materialize.
In light of limited financing options, Sirona has made the difficult decision to allow for the orderly liquidation of its wholly owned subsidiary, TFChem, in accordance with French bankruptcy regulations. All laboratory operations have ceased, and the facility is now permanently closed. Sirona is also facing ongoing financial pressures, which led to the issuance of a cease trade order on March 7, 2025.
Additionally, Sirona has been informed that Allergan Aesthetics will not be proceeding with the license agreement announced on June 13, 2022, regarding the commercialization of TFC-1067. Sirona values the experience gained through this collaboration and appreciates the opportunity to have worked with a global leader in medical aesthetics.
Despite ongoing and significant challenges, management acknowledges that the commercial potential of its proprietary technologies remains uncertain. Nevertheless, it is evaluating structural and financial options that could, if feasible, support their future development.
About Sirona Biochem
Sirona is a cosmetic ingredient and drug discovery company with a proprietary platform technology. Sirona specializes in stabilizing carbohydrate molecules with the goal of improving efficacy and safety. New compounds are patented for maximum revenue potential.
Sirona's compounds are licensed to leading companies around the world in return for licensing fees, milestone fees and ongoing royalty payments. Sirona's laboratory, TFChem, is in France and is the recipient of multiple French national scientific awards and European Union and French government grants. For more information, please visit www.sironabiochem.com.
Investor Enquiries:
Christopher Hopton
Chief Financial Officer
Phone: (604) 641-4466
Email: info@sironabiochem.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
