BELLEVILLE, ON, June 22 /CNW/ - Bioniche Life Sciences Inc. ("Bioniche";
TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical
company, today provided an update on its corporate activities.
In April, the Company reported that it was experiencing delays in
concluding a partnering transaction related to its Mycobacterial Cell Wall-DNA
Complex (MCC), formulated as Urocidin(TM), for the intravesical treatment of
non-muscle-invasive bladder cancer. At the same time, the Company reported
that the maturity date of its secured revolving credit facility with Valens
U.S. (formerly Laurus Master Funds) was extended to June 30, 2009.
At this time, the Company can report that a number of activities have
been taking place over the past two months to address its short-term liquidity
requirements, and progress is being made on these initiatives. It is not
expected that these initiatives will be finalized before June 30, 2009, but
Valens U.S. has agreed to have the credit facility return to "on demand"
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
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:
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