Sirona Biochem Corporate Update

VANCOUVER, British Columbia, July 13, 2023 (GLOBE NEWSWIRE) -- Sirona Biochem Corp. (TSX-V: SBM) (FSE: ZSB) (OTC: SRBCF) (“Sirona”) provides the following update:

Dear shareholders,

We are pleased to provide an update on the progress we have made over the last months:

Corporate Strategic Planning

One of our communicated objectives in 2022 and the first half of 2023 was to conduct a thorough strategic review of the company. We are pleased to announce that this goal has been accomplished. We have completed several strategic planning sessions with our senior team, advisors, and consultants. The outcome has enabled us to better focus our resources and efficiently build our pipeline We have reviewed our current and potential pipeline assets in depth, to ensure we focus on only the most promising commercial opportunities. To bolster our business development efforts, we have outsourced to industry experts, which we believe will yield optimal results in our licensing activities as well as free up our team for more critical strategic planning and development. Additionally, we have enhanced the workflow within TFChem, providing our Chief Scientific Officer (CSO) with additional support to dedicate more time for innovation and have completed a review of lab operations. We will be adding several new pieces of equipment to the lab in the next 2-4 months.

Given the challenging conditions in the capital market, we have taken a cautious approach by limiting the expansion of our pipeline. However, despite this, we are making considerable progress in developing multiple projects and have expanded our scientific team. We are obligated to restrict communication in cases where intellectual property (IP) protection has not been secured. Nevertheless, as time progresses, we will be able to share some of their recent accomplishments.

TFC-1067 - Global Licensing Agreement with Allergan Aesthetics

In June 2022, we entered into an exclusive global licensing agreement with Allergan Aesthetics for TFC-1067 and our compound library of dyschromia ingredients. While we are unable to share specific details publicly, we maintain regular communication with their alliance management team. Allergan continues to work toward integration of TFC-1067 into its pipeline. Once permissible, we will update our shareholders accordingly. The commercialization of TFC-1067 will provide an immense opportunity for increasing the company’s value and avenues for future growth.