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SemBioSys Genetics appoints Deloitte to initiate potential sale or merger process

Published: 16:15 01 Oct 2010 EDT

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Biotech business SemBioSys Genetics (TSX:SBS) has hired Deloitte & Touche to initiate a potential sale process for the company, it said Friday.

Last year, SemBioSys hired Deloitte to help sell some of its assets as a source of funding, and has now returned to the firm on a broader mandate, including a sale or a merger, a partnering transaction for either its biosimilar insulin or Apo program, an asset sale, a refinancing, or a wind down of its operations.

SemBioSys has also been working with a Canadian investment bank on a financing strategy, it said.

"As previously disclosed, SemBioSys is seeking strategic alternatives in an effort to extend our cash run way and unlock potential value for our shareholders," said president and CEO James Szarko.

Calgary, Alberta-based SemBioSys uses its patented plant seed oilbody expression technology platforms to develop biosimilar drug candidates and high value proteins.

The company's current development programs include insulin (SBS-1000, regulated as a biosimilar in Europe) and Apo AI (Milano), a new cardiovascular therapy.

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