SemBioSys prepares to wind down company

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A Calgary biotech firm that used genetically modified safflowers as factories to develop a possible cardiovascular drug and a plant-based insulin has braced itself for the end of the road.

SemBioSys Genetics on Apr. 30 said a strategic partnership deal signed in October with Chinese pharmaceutical firm Tasly has sputtered as the companies “have been unable to agree on certain fundamental issues including initial budgets.”

SemBioSys said its efforts to revive the deal with Tasly have not been successful and it thus hasn’t moved any of its intellectual property into the joint venture.

SemBioSys said it’s now likely that SemBioSys will not continue to operate as a going concern and it “has begun activities to orderly wind down the company’s business in the most effective manner possible.”

The company announced April 4 that it would voluntarily delist its shares from the TSX effective at the close of trading May 1, at which time all of SemBioSys’s directors will resign from its board.

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