Navigation Links
Bioniche Allows Conversion of Portion of Revolving Credit Facility
Date:9/9/2008

- results in US$1.85 million of new available funds -

BELLEVILLE, ON, Sept. 9 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that the Company has allowed the conversion of a portion of its revolving credit facility with the Laurus/Valens family of funds into common shares.

The Company is converting US$1.85 million of the revolving facility into equity, at the previously negotiated 15% discount to the ten-day volume weighted average price on September 5, 2008. This results in the issuance of 4,565,049 shares. The conversion is in accordance with the formula set out in the original agreement signed in 2005. In addition, the Company will issue 211,429 five-year warrants at market price ($0.49 per share) in exchange for Laurus/Valens waiving certain volume restrictions relating to the conversion under the agreement. There is no penalty attached to this repayment. The transaction is subject to regulatory approval.

"We realize that this transaction represents some dilution to existing shareholders," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "However, it should be considered as a component of a larger financial package that is under discussion. This package will be announced at such time as its details are agreed and found to be in the best interest of shareholders. This being said, Bioniche cannot guarantee its successful conclusion."

The Company continues to focus on its strategic priorities: full registrations of the E. coli O157:H7 cattle vaccine in Canada and the U.S. and the successful completion of the Phase III clinical program with Urocidin in the treatment of non-muscle-invasive bladder cancer. As a part of these works, the Company has ongoing discussions with potential marketing partners related to Urocidin and continues to pursue an optimal partnership agreement. The Company is also making progress on the $25 million scale-up of its vaccine manufacturing facility in Belleville, Ontario, funded primarily through Canadian and Ontario government programs.

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 is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of Canada's Top Ten Life Sciences Companies for 2008. For more information, please visit http://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.


'/>"/>
SOURCE Bioniche Life Sciences Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Bioniche Presents E. coli O157:H7 Vaccine Data to World Buiatrics Congress in Budapest, Hungary
2. Bioniche Hosts Veterinarians and Food Industry Reps at Two-Day E. coli O157:H7 Vaccine Conference
3. Bioniche Secures Final Financing to Scale-up E. coli O157:H7 Vaccine Production
4. Bioniche Presents E. coli O157:H7 Vaccine Data to International Congress of Medical Microbiology in Serbia
5. Bioniche Presents Pre-Clinical Research at Two International Conferences
6. Bioniche Updates re: Mycobacterial Cell Wall Technology Platform
7. Bioniche Reports Fiscal 2008 Third Quarter
8. Bioniche Appoints U.S. President of Food Safety
9. Bioniche Reports the Passing of its Board Chair
10. Bioniche Converts a Portion of its Debt to Equity
11. Bioniche Receives Fast Track Designation For First-Line Bladder Cancer Therapy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... ... June 27, 2016 , ... "FCPX editors can now reveal their ... Cut Pro X," said Christina Austin - CEO of Pixel Film Studios. , ... Pro X users can now reveal the media of their split screens with ...
(Date:6/26/2016)... ... ... Quality metrics are proliferating in cancer care, and are derived from many ... the beholder, according to experts who offered insights and commentary in the current issue ... the full issue, click here . , For the American Society of Clinical ...
(Date:6/26/2016)... ... June 26, 2016 , ... ... have been diagnosed with endometriosis. These women need a treatment plan to not ... comprehensive approach that can help for preservation of fertility and ultimately achieving a ...
(Date:6/25/2016)... ... 25, 2016 , ... First Choice Emergency Room , the largest network ... the Medical Director of its new Mesquite-Samuell Farm facility. , “We are pleased ... location,” said Dr. James M. Muzzarelli, Executive Medical Director of First Choice Emergency Room. ...
(Date:6/24/2016)... ... 2016 , ... A recent article published June 14 on E ... goes on to state that individuals are now more comfortable seeking to undergo not ... as calf and cheek reduction. The Los Angeles area medical group, Beverly Hills Physicians ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016  Guerbet announced today that ... Supplier Horizon Award . One of ... was recognized for its support of Premier members through ... clinical excellence, and commitment to lower costs. ... this recognition of our outstanding customer service from Premier," ...
(Date:6/23/2016)... 2016 Research and Markets has ... Global Analysis (United States, China, Japan, Brazil, United Kingdom, ... their offering. Surgical ... business planners, provides surgical procedure volume data in a ... an in-depth analysis of growth drivers and inhibitors, including ...
(Date:6/23/2016)... , June 23, 2016 The ... it continues to present great opportunities to investors. Stock-Callers.com ... today: Intrexon Corp. (NYSE: XON ), Vertex ... Inc. (NASDAQ: ARNA ), and Regeneron Pharmaceuticals ... these stocks and receive your complimentary trade alerts at: ...
Breaking Medicine Technology: