- consolidated revenues rise 3% over Fiscal 2006 to $27.5 million -
(all figures are in Canadian dollars unless otherwise noted)
BELLEVILLE, ON, Sept. 26 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for its 2007 fiscal year ended June 30, 2007.
"The recent announcements of the first shipment and commercial usage of our E. coli O157:H7 cattle vaccine and the Special Protocol Assessment (SPA) agreement with the U.S. Food and Drug Administration for our second Phase III pivotal trial in bladder cancer occurred after the end of Fiscal 2007, but are the result of significant internal efforts during the fiscal year," noted Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. "During Fiscal 2007, we started our first Phase III clinical trial using our proprietary Mycobacterial Cell Wall-DNA Complex (MCC) in the treatment of bladder cancer patients whose condition is refractory (unresponsive) to the current standard therapy. We also closed a $17.5 million equity financing, with strong support from both institutional and individual investors."
Fiscal 2007 Financial Results Highlights
Consolidated revenues for the fiscal year increased by 3% to $27.5 million, as compared to $26.7 million in Fiscal 2006. The overall gross profit margin was 56% this fiscal year as compared to 57% in Fiscal 2006.
Expenses totalled $18.5 million for the 12 months ending June 30, 2007, which compares to $19.6 million recorded in the same period last year. This decrease of $1.1 million, or 6%, includes a decrease in interest on long-term debt and other interest associated with the refinancing and repayment of the Company's debt.
Gross research and development (R&D) expenses increased $2 million, or
16%, in Fiscal 2007, reaching $14.9 million compared to $12.9 million in
Fiscal 2006. This is largely at
|SOURCE Bioniche Life Sciences Inc.|
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