-repaid from US$20 million licensing payment-
BELLEVILLE, ON, July 20 /CNW/ - Bioniche Life Sciences Inc. ("Bioniche";
TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical
company, today reported that it has received a US$20 million up-front payment
from Endo Pharmaceuticals per the licensing agreement related to Urocidin(TM)
(announced on July 10, 2009). The Company has used a portion of this payment
to repay its credit facility with Valens U.S. and associated fees, a total of
US$5.3 million. The remainder of the payment will be used for general
corporate purposes and working capital.
"Valens has financed the Company through a challenging time of corporate
development, helping the Company to advance its bladder cancer technology to
Phase III clinical testing and its E. coli O157 vaccine - Econiche(TM) - to
full Canadian license," said Graeme McRae, Chairman, President & CEO of
Bioniche Life Sciences Inc. "Their support has been invaluable."
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven
Canadian biopharmaceutical company focused on the discovery, development,
manufacturing, and marketing of proprietary products for human and animal
health markets worldwide. The fully-integrated company employs approximately
200 skilled personnel and has three operating divisions: Human Health, Animal
Health, and Food Safety. The Company's primary goal has been to develop
proprietary cancer therapies supported by revenues from marketed products in
human and animal health. Bioniche has been named one of the Top 50 Best Small
and Medium-Sized Employers in Canada for 2009. For more information, please
visit www.Bioniche.com.
Except for historical information, this news release may contain
forward-looking statements that reflect the Company's current expectation
regarding future events. These forward-looking statements involve risk and
uncertainties, which may cause, but are not limited to, changing market
conditions, the successful and timely completion of clinical studies, the
establishment of corporate alliances, the impact of competitive products and
pricing, new product development, uncertainties related to the regulatory
approval process, and other risks detailed from time to time in the Company's
ongoing quarterly and annual reporting.
%SEDAR: 00013159EF
For further information: Jennifer Shea, Vice-President, Communications,
Investor & Government Relations, Bioniche Life Sciences Inc., Telephone: (613)
966-8058, Cell: (613) 391-2097, Jennifer.Shea@Bioniche.com
