BCY LifeSciences Reports Year End 2006 Results



    TORONTO, April 30 /CNW/ - BCY LifeSciences Inc., (BCY) (TSX-VEN: BCY)
today reported results for the fourth quarter and year ended December 31,
2006.

    SIGNIFICANT DEVELOPMENTS IN 2006

    In January, the Company completed the terms for the LOI with Pipex
Pharmaceuticals Inc, and the remaining US$12,500 of the Pipex advance was
received. On July 27 the Company announced that the exclusivity period for the
previously announced proposed business combination with Pipex had expired. As
Pipex did not request an extension, nor addressed the financial concerns, BCY
informed Pipex that it would review other options.
    Also in July, BCY received an update from ALIGN Pharmaceuticals on DCF
987. ALIGN advised in their annual update to BCY that they are continuing
development activities that will potentially allow ALIGN and parties that are
entitled to royalties to realize a revenue stream in the next few years.
    For the balance of 2006, BCY continued to seek an opportunity to keep BCY
active as an ongoing entity. Although many discussions were held, none were
completed beyond the discussion stage. During this same period, the directors
of BCY advanced the Company funds, as repayable debt in the amount of $36,000.
These funds, along with GST refunds enabled the Company to remain current with
suppliers.

    Subsequent Events Since Year End

    During the first quarter of 2007, the Company was able to advance
discussions with two parties. The Company's objective is to reorganize its
affairs and look for opportunities in a non-biomedical field. If the
discussions are successful, a new group may take over control of the Company
during the second quarter of 2007.
    In February 2007, the directors advanced the Company a further $9,000 to
allow the Company to keep supplier accounts current.
    In April, BCY reported the Company's current auditors, Ernst & Young,
resigned from the account and that DALE MATHESON CARR-HILTON LABONTE LLP were
appointed as the auditors.

    OUTLOOK

    In order to continue to sustain Company's operations, BCY will need to
complete a business arrangement. Although it is likely that the announced
private placement will be completed, there is no guarantee that any
arrangement will be concluded. If an arrangement is not completed in the first
half of 2007, it is unlikely that the Company could continue as an actively
traded Company.

    Financial Review

    Expenditures for the fourth quarter ended December 31, 2006, net of
government assistance and tax credits, were $10,958, or $0.00 per common
share, compared with $195,640 or $0.01 per common share for the comparative
period ended December 31, 2005. Expenditures largely reflected costs
associated with maintaining the operation while the Company pursued a business
combination to build shareholder value. Expenditures for the year ended
December 31, 2006, net of government assistance and tax credits, were $213,980
or $0.01 per common share compared with $417,817 or $0.01 per common share for
the comparative period for 2005.
    At December 31, 2006 the Company had working capital of $1,791, as cash.
Based on estimated expenses management reports that BCY does not have
sufficient cash to operate to continue into the second quarter of 2007,
without raising additional capital. To continue operations without
consummating the announced private placement financing will be challenging.
    Complete financial statements for the year ended December 31, 2006 are
available at www.sedar.com under the company profile for BCY LifeSciences.

    Annual Financial Information
    The following selected financial information has been derived from the
Company's financial statements for the years ended December 31, 2006 and 2005.

    
    -------------------------------------------------------------------------
                                               Year Ended       Year Ended
                                              Dec. 31, 2006    Dec. 31, 2005
    -------------------------------------------------------------------------
                                                    $                $
    -------------------------------------------------------------------------
    Revenues (Interest)                                   -                -
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Expenses
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Research and Development                          2,341            5,756
    -------------------------------------------------------------------------
    Amortization                                          -           50,000
    -------------------------------------------------------------------------
    Salaries and Benefits                                 -              597
    -------------------------------------------------------------------------
    General and Administrative                       37,358          161,485
    -------------------------------------------------------------------------
    Professional Fees                                21,493           49,093
    -------------------------------------------------------------------------
    Management Fees                                  60,000           40,000
    -------------------------------------------------------------------------
    Patent Costs                                          -            1,635
    -------------------------------------------------------------------------
    Corporate Governance                             23,627           15,998
    -------------------------------------------------------------------------
    Investor Relations                                4,720            8,768
    -------------------------------------------------------------------------
    Travel and Entertainment                            319            1,685
    -------------------------------------------------------------------------
    Merger and Acquisition                           64,122
    -------------------------------------------------------------------------
    Total Expenses                                  213,980          335,017
    -------------------------------------------------------------------------
    Government Assistance and
    Investment Tax Credits                                -          (17,200)
    -------------------------------------------------------------------------
    Loss Before the Following                       213,980          317,817
    -------------------------------------------------------------------------
    Write-down of Technology Asset                        -         (100,000)
    -------------------------------------------------------------------------
    Net Loss For This Period                        213,980          417,817
    -------------------------------------------------------------------------
    Basic and Diluted Loss per Common Share           $0.01            $0.01
    -------------------------------------------------------------------------
    Weighted Average Number of Basic and
     Diluted Common Shares Outstanding           33,937,757       33,500,257
    -------------------------------------------------------------------------
    

    About BCY LifeSciences

    BCY was established as a pharmaceutical development company dedicated to
acquiring and developing innovative pharmaceutical products or technologies
that serve unmet medical needs. BCY announced February 25, 2005 that it had
signed an agreement with ALIGN Pharmaceuticals, Inc., (ALIGN) a private US
based company, to undertake further development and the marketing of DCF 987,
BCY's only development product. In 2006, BCY's focus was on partnering, a
merger or raising capital to enable the company to source opportunities.
    BCY is a corporation continued under the Canada Business Corporations Act
and is listed on the TSX Venture Exchange under the ticker symbol "BCY". BCY
currently has 33,937,757 common shares outstanding ("BCY Shares") and options
to purchase up to 655,000 common shares at an average exercise price of $0.10
("BCY Options").
    This press release, as well as other press releases and corporate
information, can be found on SEDAR.

    This news release contains projections and other forward-looking
statements regarding future events. Such statements are predictions, which may
involve known and unknown risks, uncertainties and other factors, which could
cause the actual events or results and company plans and objectives to differ
materially from those expressed. For information concerning factors affecting
the company's business, the reader is referred to the documents that the
company files from time to time with applicable Canadian securities and
regulatory authorities.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this press release.

    %SEDAR: 00011471E




For further information:

For further information: Mr. Lorne Meikle, President & CEO, BCY
LifeSciences, (416) 440-1330

Organization Profile

BCY LIFESCIENCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890