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Sirona Biochem Announces Approval of TFChem Acquisition and Closing of Private Placement

Sirona Biochem Corp. (TSX-V: SBM), a biotechnology company specializing in therapeutics for diabetes and obesity, has obtained the final acceptance of the TSX Venture Exchange for the definitive agreement to acquire TFChem S.A.S.

Val de Reuil, France based TFChem is a drug discovery company specializing in the synthesis and stabilization of carbohydrate-based molecules.

Sirona Biochem now proposes to close the acquisition in France on March 31, 2011. The purchase price will be €1,500,000 or approximately CDN $1,997,150, consisting of the issue of 13,000,000 common shares at a deemed price of CDN $0.10 per share, plus €500,000, or approximately CDN $665,716, in cash.

Upon completion of the acquisition, TFChem will operate as a wholly owned subsidiary of Sirona Biochem Corp.

Sirona Biochem also announced today that it has closed a private placement of 9,200,000 units at a price of $0.25 per unit for total proceeds of CDN $2,300,000. Each unit consists of one common share and one-half of one transferable share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at any time for two years from the closing date at a price of $0.45. The warrants will be subject to forced conversion if the 10-day volume-weighted average trading price exceeds $0.65 during the period starting 4 months from closing.




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