Bioniche Warrants' Expiration Date to be Extended



    - will be delisted then extended as unlisted warrants to May 12, 2009 -

    BELLEVILLE, ON, Feb. 17 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC), a
research-based, technology-driven Canadian biopharmaceutical company,
announced today that it will extend the expiration date of the up to 8,203,334
common share purchase warrants issued as part of a unit offering that closed
in March, 2007. 7,676,554 of these warrants, currently listed for trading on
the TSX (TSX: BNC.WT), will be delisted following their original expiration
date of March 13, 2009. At that time, the Company will extend the expiration
date of the warrants to May 12, 2009, subject only to the filing of final
documentation with the Toronto Stock Exchange (TSX).
    Each common share purchase warrant entitles the holder to purchase a
common share at an exercise price of $1.40 per share.
    The expiry date on a further 1,027,308 broker warrants will also be
extended by 60 days to May 12, 2009. These are exercisable for units, each
consisting of one Bioniche common share and one-half of a warrant to purchase
a Bioniche common share at $1.20 per unit.
    "Our Board of Directors took this decision to allow additional time for
the investors in Bioniche to evaluate the Company's ongoing progress in
achieving its stated objectives, in particular, addressing its near-term
capital needs," said Graeme McRae, Chairman, President & CEO of Bioniche Life
Sciences Inc. "The Board is of the opinion that recent market conditions have
depressed the value of both the common shares and the common share purchase
warrants. Advance notice of this extension fairly treats current and
prospective warrant investors and is in conformance with TSX regulations."
    The extension will not apply to warrants held by insiders of the Company.

    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 is 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 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.

    %SEDAR: 00013159E




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

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