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
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:
Delete the authorized and unissued first series of Preferred Shares
designated as Series 1 Preferred Shares;
Delete the authorized and unissued second series of Preferred Shares
designated as Series 2 Preferred Shares;
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.
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:
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.
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.
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.
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.
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.
The Company is making a concerted effort to advance new equine plasma
products, and this effort includes hiring a technical expert in
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
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
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