Bioniche Life Sciences Inc. Will Not Proceed With Business and Asset Acquisition of Plasvacc Holdings Limited
BELLEVILLE, ON, Aug. 1, 2011 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it will not proceed with the proposed acquisition comprising the business and assets of Plasvacc Holdings Limited (Plasvacc) as previously announced on July 4, 2011. The parties have failed to reach agreement on definitive transaction documents and have terminated discussions under their letter of intent in connection with the transaction.
"We are disappointed that we could not successfully conclude this acquisition," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "However, this outcome does not affect our intentions to selectively acquire rights to commercially-important animal health products and technologies, one of the stated uses of proceeds for our C$28.9 million concurrent financings in Canada and Australia completed earlier this year. A number of other potential acquisitions are currently under consideration."
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 more than 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's aims to develop and commercialize proprietary and innovative products for human and animal health.
The Animal Health division - Bioniche Animal Health - develops, manufactures and markets animal health biopharmaceutical products worldwide. It has product development, manufacturing and marketing facilities in Belleville, Ontario, Canada; marketing and production facilities in Athens, Georgia, U.S.A.; Pullman, Washington, U.S.A.; and Armidale, New South Wales, Australia. The Australian business is conducted from two sites: Melbourne, Victoria, where sales and marketing, customer support and technical service are located; and Armidale, New South Wales, where production (manufacturing facility, farm/research and development facility) is located.
Bioniche Life Sciences Inc. has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2010. 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.
For further information:
Jennifer Shea, Vice-President, Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058; from Australia: 0011 1 613-966-8058
Cell: (613) 391-2097; from Australia: 0011 1 613-391-2097