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:12/2/2016)... 2016  The Multiple Myeloma Research Foundation (MMRF) today ... Study SM —the largest and most comprehensive study driving ... myeloma—will be presented at the 58 th American ... San Diego from December 3-6. ... as well as identify pathways and targets for new ...
(Date:12/2/2016)... ... December 01, 2016 , ... ... of DNA microarray comparative genomic hybridization (array CGH) for HER2 genomic subtyping ... Using molecular test results from tumors with previously documented positive, negative, and ...
(Date:12/2/2016)... ... December 01, 2016 , ... ... Nanowear on their recent FDA Class II 510(k) clearance for their flagship medical ... in commercializing remote cardiac monitoring devices that rely on cloth-based nanosensors. While other ...
(Date:12/2/2016)... , Dec. 2, 2016 /PRNewswire/ - bioLytical Laboratories, a world leader in rapid ... Kenya,s Pharmaceutical Association members. (Photo: http://photos.prnewswire.com/prnh/20161201/444905 ) ... ... , , ... and the Kenya Pharmaceutical Association (KPA) to introduce the INSTI HIV Self Test to ...
Breaking Biology Technology:
(Date:6/21/2016)... British Columbia , June 21, 2016 /PRNewswire/ ... appointed to the new role of principal product ... been named the director of customer development. Both ... NuData,s chief technical officer. The moves reflect NuData,s ... teams in response to high customer demand and ...
(Date:6/15/2016)... June 15, 2016 Transparency ... titled "Gesture Recognition Market by Application Market - Global Industry Analysis ... 2024". According to the report, the  global gesture recognition ... 2015 and is estimated to grow at a ... by 2024.  Increasing application of gesture ...
(Date:6/7/2016)... -- Syngrafii Inc. and San Antonio Credit Union (SACU) ... Syngrafii,s patented LongPen™ eSignature "Wet" solution into SACU,s ... in greater convenience for SACU members and operational ... document workflow and compliance requirements. Logo ... Highlights: ...
Breaking Biology News(10 mins):