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:12/8/2016)... ... December 08, 2016 , ... Catalent Pharma Solutions, the ... and consumer health products, today announced that it had joined the Pharmaceutical Supply ... non-profit organization to unite pharmaceutical and healthcare companies that share a vision of ...
(Date:12/8/2016)... Ga (PRWEB) , ... December 08, 2016 , ... ... as soon after surgery as possible. With this in mind, SIGVARIS has created ... (DVT or blood clot) during bed rest and provide the benefits of graduated ...
(Date:12/8/2016)... , ... December 08, 2016 , ... ... financial planning services from offices headquartered in Hamilton County, is embarking on a ... , LuvFurMutts specializes in finding new homes for orphaned or neglected senior dogs ...
(Date:12/8/2016)... , ... December 08, 2016 , ... The Compretta Insurance ... and residential clients in and around the Hancock County area, is announcing the launch ... County Food Pantry. , The Hancock County Food Pantry has worked for more than ...
(Date:12/7/2016)... ... December 07, 2016 , ... ... will have the unique opportunity to get hands-on experience in an emergency medical ... an immersive experience to gain invaluable, real-life medical skills that are critical success ...
Breaking Medicine News(10 mins):
(Date:12/8/2016)... 8, 2016  A new study by a pair ... of opioid therapy to treat chronic pain is not ... more harmful consequences, including death. Palliative care ... Zankhana Mehta , M.D., authored the study which provides ... therapy. The study was published in the December 2016 ...
(Date:12/8/2016)... 2016 Mederi Therapeutics Inc . hat die behördliche Zulassung ... für gastroösophageale Refluxerkrankung (GERD) – in China angekündigt. ... ... Live Stretta procedure performed and broadcast ... of Endoscopy at Wuhan Union Hospital ...
(Date:12/8/2016)... , December 8, 2016 According ... Diabetes Injection Pens Market is expected to be worth ... US$4.9 bn in 2015. Between the forecast years of 2016 ... a CAGR of 7.9%. The leading players operating in the ... Lilly and Company, AstraZaneca plc., Biocon Ltd., and Sanofi S.A. ...
Breaking Medicine Technology: