BELLEVILLE, ON, April 27 /CNW/ - Bioniche Life Sciences Inc. ("Bioniche";
TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical
company, today provided an update on its corporate activities.
One of the near-term objectives of the Company, as reported in previous
financial disclosures, is the conclusion of 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. While
the Company has received significant interest in Urodicin from a number of
potential partners, it has not yet finalized a transaction and the timeline
for doing so has exceeded management's expectations. Given such delays and the
Company's near-term cash needs, the Board of Directors has decided to broaden
its fundraising strategies to include possible asset dispositions.
In addition, the Company has amended the maturity date of its existing
secured revolving credit facility with Valens U.S. (formerly Laurus Master
Funds) to June 30, 2009. Bioniche and Valens agreed to this extension to allow
the Company time to identify new banking partner(s) after Valens decided to
retrench its activities due to credit market conditions, as well as to allow
the Company to execute its near-term corporate objectives. This amendment will
replace the previously agreed "on demand" status, with an additional fee
applicable at maturity of the facility.
The Company is also expanding internal cost cutting measures introduced
during the past two fiscal quarters to help address its near-term liquidity
The Company expects to release its Fiscal 2009 third quarter financial
results on May 6, 2009.
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