BELLEVILLE, ON, April 27 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. ("Bioniche"; TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today provided an update on its corporate activities.
One of the near-term objectives of the Company, as reported in previous financial disclosures, is the conclusion of a partnering transaction related to its Mycobacterial Cell Wall-DNA Complex (MCC), formulated as Urocidin(TM), for the intravesical treatment of non-muscle-invasive bladder cancer. While the Company has received significant interest in Urodicin from a number of potential partners, it has not yet finalized a transaction and the timeline for doing so has exceeded management's expectations. Given such delays and the Company's near-term cash needs, the Board of Directors has decided to broaden its fundraising strategies to include possible asset dispositions.
In addition, the Company has amended the maturity date of its existing secured revolving credit facility with Valens U.S. (formerly Laurus Master Funds) to June 30, 2009. Bioniche and Valens agreed to this extension to allow the Company time to identify new banking partner(s) after Valens decided to retrench its activities due to credit market conditions, as well as to allow the Company to execute its near-term corporate objectives. This amendment will replace the previously agreed "on demand" status, with an additional fee applicable at maturity of the facility.
The Company is also expanding internal cost cutting measures introduced during the past two fiscal quarters to help address its near-term liquidity requirements.
The Company expects to release its Fiscal 2009 third quarter financial results on May 6, 2009.
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
|SOURCE Bioniche Life Sciences Inc.|
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