CALGARY, April 1 /PRNewswire-FirstCall/ - SemBioSys Genetics Inc. (TSX:SBS), specializing in the manufacture of high-value proteins and oils in plant seeds, provides an update on its proprietary plant-produced recombinant human insulin program. In December 2008, SemBioSys announced that MannKind Corporation purchased a non-refundable option to license rights to SemBioSys' proprietary plant-produced recombinant human insulin to be used primarily for AFRESA(TM), MannKind's ultra-rapid acting insulin product. At the time the option was taken, MannKind had completed diligence related to the SemBioSys insulin program and final written agreements had been prepared for execution, were the option to be exercised. In March 2009, MannKind announced that it had entered into agreements with Pfizer Inc. 'to purchase Pfizer's insulin facility at Industriepark Hoechst, Frankfurt am Main, Germany and assets related to the production of bulk insulin, including the relevant real property rights, the production equipment, a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery.' The option period for SemBioSys' agreement with MannKind expired yesterday without action and SemBioSys is now free to execute agreements relating to its insulin program with other parties.
Also in March 2009, SemBioSys reported results from the Phase I/II trial of its recombinant human insulin (SBS-1000) in human volunteers. SBS-1000 was shown to be bioequivalent to Eli Lilly's Humulin(R) R, a widely-used human insulin in North America.
'Based on prior discussions with third parties, we believe that our recent clinical trial results position us well to continue and expand our partnership discussions,' said James Szarko, Chief Executive Officer of SemBioSys. 'While the MannKind option was attractive from a timing point of view, and provided a valuable cash infusion, additional partnering options may be open to us now that we have positive clinical data for plant-made insulin.'
About SemBioSys
Calgary, Alberta-based SemBioSys is a world leader in manufacturing high-value proteins and oils in plant seeds. With its unique, proprietary platform, SemBioSys provides partners with product enablement, exceptionally low cost and unprecedented scalability. The Company applies this platform with high selectivity to opportunities where it has a unique competitive advantage.
