TORONTO, April 23, 2013 /CNW/ - The group of concerned shareholders of Bioniche Life Sciences Inc. ("Bioniche") led by William (Bill) M. Wells, former Chief Executive Officer of Biovail Corporation, and Greg Gubitz, former General Counsel and Senior Vice President of Corporate Development at Biovail Corporation, noted that reaction by fellow shareholders to our publication of an open letter to Bioniche's Board of Directors on April 22, 2013 has been overwhelming. Numerous Bioniche shareholders have contacted us. We believe these shareholders hold a significant number of shares in the company and represent a true cross section of the Bioniche shareholder base.
The reaction of these shareholders to the points raised in our letter has been universally positive, even effusive. These shareholders all agree with us that immediate change is required at Bioniche. The destruction of shareholder value must stop!
We wish to thank all our fellow shareholders who have contacted us. We greatly appreciate your input. It guides and encourages us to continue pushing for much needed change at Bioniche. We will take some time to absorb the feedback received from our fellow shareholders before formulating and communicating next steps. We also encourage shareholders who have not yet made their opinions known to join our open dialogue. All voices should be heard.
Based on the reaction to our open letter, the credibility of Bioniche's management and board with the shareholder base is very low. As a reminder as to why this is the case and to further reinforce the need for change at Bioniche, we are republishing the chart from our open letter demonstrating the record of Bioniche's management and board.
We look forward to a continuing dialogue with our fellow shareholders in response to our open letter.
SOURCE: William (Bill) M. Wells and Greg Gubitz
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