- final US$523,000 of convertible debt removed from balance sheet -
BELLEVILLE, ON, April 18 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC),
a research-based, technology-driven Canadian biopharmaceutical company, today
announced that the Company has eliminated its long-term convertible debt with
Laurus Master Funds.
The Company will repay US$523,306 on the secured convertible term note
with 670,943 shares at the price per share of $0.88, as set out under the
terms of the agreement with Laurus Master Funds. This eliminates the secured
convertible term debt with Laurus, which began as a three-year, US$7 million
loan in December, 2005. There is no penalty attached to this repayment.
A secured revolving note with Laurus Master Funds remains in place,
allowing a maximum borrowing limit of US$3.5 million. At March 31, 2007, the
Company had drawn approximately C$2.2 million on this line of credit.
"We are pleased to be in a position to eliminate this long-term debt with
Laurus Master Funds," said Graeme McRae, President & CEO of Bioniche Life
Sciences Inc. "We have a strong balance sheet with which to execute our
Phase III development program for Urocidin, while completing a partnership
deal related to this technology and preparing to launch our E. coli O157:H7
cattle vaccine in Canada."
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
185 skilled personnel and has three operating business units: 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. 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.
For further information:
For further information: Jennifer Shea, Corporate Communications &
Investor Relations Manager, Bioniche Life Sciences Inc., Telephone: (613)
966-8058 ext. 1250, Cell: (613) 391-2097, Jennifer.Shea@Bioniche.com