The Company repaid its long-term convertible debt with Laurus Master Funds during Fiscal 2007. US$1,723,307 was repaid on the secured convertible term note through conversion into shares and US$2,845,178 was repaid in cash. A secured revolving line of credit with Laurus Master Funds remains in place, allowing a maximum borrowing limit of US$4.0 million.
The basic net loss per share for Fiscal 2007 was ($0.32) compared to a net loss per share of ($0.03) in Fiscal 2006, which was bolstered by a gain of $0.47 per share from discontinued operations.
"We continue to pursue our strategic objectives with a view to creating shareholder value," added Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "We are focused on obtaining a full Canadian license for our E. coli O157:H7 cattle vaccine, while beginning to sell vaccine to Canadian veterinarians under the Permit to Release Veterinary Biologics. At the same time, we continue to pursue a registration in the U.S. We are also focused on the successful completion of a marketing partnership deal for our bladder cancer technology, while executing our Phase III clinical program with Urocidin and planning for early stage studies to support the use of our MCC technology in the treatment of other human cancers. Meeting these key milestones will, we believe, greatly enhance shareholder value in Bioniche."
Conference Call/Audio Web Cast
Bioniche will host a conference call to discuss Fiscal 2007 results on
Friday, September 28, 2007 at 10:00 a.m. Eastern. To participate in the
teleconference, call 416-644-3414/toll-free 1-800-733-7571. A listen-only
audio web cast will be available at
|SOURCE Bioniche Life Sciences Inc.|
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