Navigation Links
Bioniche Amends Terms of Convertible Debt with Laurus Master Funds
Date:12/21/2007

- borrowing limit extended to US$5.5 million -

BELLEVILLE, ON, Dec. 21 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that the Company has renewed and amended the terms of its long-term convertible debt with Laurus Master Funds.

Under the renewed and amended note, the Company will now have a maximum borrowing limit of US$5.5 million, versus a previous maximum of US$4.0 million.

The Company's capacity to borrow under the note is determined by a formula which measures existing levels of inventory and accounts receivable. This formula is now being amended to increase the Company's capacity to borrow. Assuming the Company maintains its current levels of inventory and accounts receivable, it will have access to the full amended line of credit of US$5.5 million. Under the previous terms, the Company's capacity to borrow was limited to approximately US$2.5 million based on the current monthly asset base. This amendment will, therefore, represent an immediate increase to available funds of US$3.0 million with no restriction from asset base calculation.

For this renewal and amendment, the Company will pay a fee of US$1.0 million. This fee will be due and payable upon maturity of the loan in December, 2008 or when the loan is paid in full. The fee may be paid in shares or cash at the Company's discretion. If paid in shares, the shares will be priced at the ten-day volume weighted average price on the day of payment.

"We appreciate the flexibility of Laurus Master Funds in renewing its support for Bioniche and in granting these amendments," said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "Our liquidity has now been further strengthened as we continue to work to execute our Phase III clinical development program for Urocidin in bladder cancer while negotiating a partnership deal related to this technology, and scaling up production of our E. coli O157:H7 cattle vaccine while pursuing registrations in the U.S. and Canada."

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©2007 PR Newswire.
All rights reserved

Related medicine news :

1. Bioniche Responds to Australian Equine Influenza Outbreak
2. Bioniche Receives $2 Million Government Grant For Market Development Related to its E. coli O157:H7 Cattle Vaccine
3. Bioniche Food Safety Vaccine Receives Global Top Honours in Industry Excellence Awards
4. Bioniche Receives Comment from USDA on a Field Trial for E. coli O157:H7 Cattle Vaccine
5. Media Advisory - Bioniche Discusses USDA Comment on E. coli O157:H7 Cattle Vaccine Field Trial
6. Bioniche to Present at Rodman & Renshaw 9th Annual Healthcare Conference
7. Bioniche Reports Fiscal 2008 First Quarter
8. Bioniche Receives $5 Million of Federal Government Support to Scale-up Vaccine Production in Ontario
9. Z Trim Holdings Reports Restatement of Previously Issued Financial Statements; Amends Bylaws
10. Medicare Fraud Strike Force Cases Result in Long Prison Terms for Five Health Care Company Owners
11. Synova Completes Sale of $3.3 Million in Senior Convertible Notes and Warrants
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/5/2016)... Miami, FL (PRWEB) , ... February 05, 2016 ... ... of the largest domestic franchisees of Popeyes Louisiana Kitchen restaurants, launched the 14th ... and awareness for kids and adults with muscular dystrophy, ALS and related diseases ...
(Date:2/5/2016)... ... February 05, 2016 , ... Freed-Hardeman University President Joe ... signed a joint enrollment and degree completion agreement. The agreement, which begins ... degrees at FHU|Dickson. , The agreement allows students to be jointly admitted ...
(Date:2/5/2016)... ... February 05, 2016 , ... US Sports Camps , ... Dover, NH to direct high-performance kids yoga training. ChildLight Yoga Studio is centrally situated ... hour from Boston. , ChildLight Yoga Studio founder Lisa Flynn expresses her excitement, “We ...
(Date:2/5/2016)... New York, New York (PRWEB) , ... February 05, 2016 , ... ... in gym use and find themselves having to wait longer to access the treadmills. ... on their New Year’s resolutions to lose weight and get in shape by joining ...
(Date:2/5/2016)... (PRWEB) , ... February 05, 2016 , ... ... ranked #3 in the 2015 Best in KLAS: Software & Services for HIT ... annual Best in KLAS report independently ranks vendor performance by healthcare executives, managers ...
Breaking Medicine News(10 mins):
(Date:2/5/2016)... 2016 Aethlon Medical, Inc. (Nasdaq: AEMD ), ... will be presenting at Source Capital Group,s 2016 Disruptive Growth ... at 2:15 p.m. ET on Wednesday, February 10, 2016.  ... taking place at 3:15 p.m. ET. http://www.aethlonmedical.com .  ... after the conclusion of the live event. The panel discussion ...
(Date:2/5/2016)... York , February 5, 2016 ... Transparency Market Research report states that the global active ... 2014 and is predicted to reach US$185.9 bn by ... of 6.50% from 2014 to 2020. The title of ... Chemical/Biological, Captive/Contract Manufactured, by Geography, and by Therapeutic Area) ...
(Date:2/5/2016)... Ind. , Feb. 5, 2016  Zimmer Biomet ... pricing of the previously announced underwritten secondary offering of ... its stockholders, consisting of affiliates of Blackstone and Goldman ... at an initial price of $96.45 per share. The ... the offering.  Neither Zimmer Biomet nor any of its ...
Breaking Medicine Technology: