Sirona Biochem (TSX:V.SBM, Stock Forum) pushed its joint venture with Bloom Burton & Co within the framework of developing treatments for rare inflammatory and infectious diseases when the company announced today that it had successfully synthesized the first batch of an anti-inflammatory compound.
According to the news release, the companies joined forces to identify and design a library of compounds to address the unmet market needs in the areas of rare inflammatory diseases and bacterial resistance which when combined total almost $2.0 billion US worldwide each year.
The company is responsible for chemical development while its partner is in charge of financing, clinical validation and compound commercialization.
Company CEO, Howard Verrico, commented on the achievement, “We could not be more pleased with the completion of the first synthetic compounds. This is a major milestone in the development of our portfolio for rare and neglected diseases.”
He went on, “The team at Bloom Burton will plan for the testing of our new anti-inflammatory compounds in the near future.”
And then concluded, “In the next several months, we will be working on the development of further compounds for our JV with Bloom Burton as planned.”
Sirona Biochem was in the news recently when the Vancouver-based company announced the arrangement of convertible loans yesterday.
Shares gained 9.09% on the news to $0.12 per share.
Currently there are 121.5m outstanding shares with a market cap of $14.6 million.