Bioniche Life Sciences Inc. Holds Annual & Special Meeting of Shareholders

BELLEVILLE, ON, Nov. 9, 2011 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today held its Annual and Special Meeting of Shareholders in Belleville, Ontario.

At the meeting, shareholders voted in favour of electing the following individuals as members of the Board of Directors:

  • Dr. Stanley Alkemade
  • Mr. Albert Beraldo
  • Mr. Rod Budd
  • Dr. Margaret Cunningham
  • Dr. James Johnson
  • Mr. Graeme McRae
  • Mr. Nick Photiades
  • Mr. Lyle Vanclief

Dr. Armen Aprikian remains an Observer on the Board.

Mr. Budd, the newest Director, was a partner in Ernst & Young for 25 years until his retirement in 2010. For the last eight years of his term, he was the Canadian firm's life sciences practice leader and responsible for establishing Ernst & Young as the leading business advisor to life sciences companies. Mr. Budd graduated from Concordia University in 1974 with a Bachelor of Commerce in accounting and finance and obtained his CA in 1977 (in Quebec and Ontario). He has over 30 years of experience in public accounting, serving emerging and growth companies, with a focus on life sciences companies, from start-ups to large multinationals. Mr. Budd also serves on the Advisory Board of the Rosalind and Morris Goodman Cancer Centre of McGill University, advises a number of private companies, and, effective October 1, 2011, sits on the Board and chairs the Audit Committee of Immunotec Inc.

The shareholders also voted in favour of the appointment Ernst & Young, LLP, Chartered Accountants, as auditors of the Corporation.

Further, the shareholders voted in favour of setting a total annual aggregate cap on the amount of Directors' compensation payable to Non-Executive Directors at C$750,000. The setting of an aggregate annual cap is required by the Australian Securities Exchange (ASX). The amount of C$750,000 was set in order to ensure the maximum amount of flexibility to cover Directors' compensation which will fluctuate depending, among other things, on the number of Directors, the number of meetings of the Board or relevant committees held and each Director's attendance at the meetings. The aggregate cap is expected to enable payment of Directors' compensation at the current rates for a number of years. The current level of Directors' compensation is approximately C$350,000 per year.

Finally, the shareholders voted in favour of amending the Corporation's Articles of Arrangement to:

  1. Delete the authorized and unissued first series of Preferred Shares designated as Series 1 Preferred Shares;
  2. Delete the authorized and unissued second series of Preferred Shares designated as Series 2 Preferred Shares;
  3. Delete the Corporation's ability to have a lien on any share registered in the name of a shareholder or his legal representative for a debt of that shareholder to the Corporation.
  4. Provide that whenever the Articles of the Corporation provide for a minimum and a maximum number of Directors, the number may be determined by the Directors from time to time.

Other Meeting Highlights

During the meeting, additional information was presented to shareholders, including the following highlights:

  1. Additional patents have been filed related to the Company's core mycobacterial cell wall technology. As these patents are approved, further information will be shared publicly.
  2. The Company is focusing energy on expanding the market for existing products, including in China, where a Company delegation recently had a series of meetings with potential collaborators.
  3. One existing product for which the Company is seeking to expand the market is SucroMateTM Equine. It is currently available in the U.S. and the Company is planning to expand into global markets.
  4. The Company expects to begin making commercial batches of EconicheTM vaccine in the new Animal Health and Food Safety Vaccine Manufacturing Centre (VMC) by mid-2012.
  5. The Company's canine oncology product based on its Mycobacterial Cell Wall-DNA Complex (MCC) is expected to achieve a first registration toward the end of 2013.
  6. The Company is making a concerted effort to advance new equine plasma products, and this effort includes hiring a technical expert in Australia.

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 and innovative 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 primary goal is to develop and commercialize products that advance human or animal health and increase shareholder value.

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.


SOURCE Bioniche Life Sciences Inc.

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
Jennifer.Shea@Bioniche.com

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Bioniche Life Sciences Inc.

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