Navigation Links
Bioniche Provides a Corporate Update
Date:4/27/2009

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 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 has been to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2009. For more information, please visit 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©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Bioniche Completes Recruitment in First Phase III Clinical Trial with Urocidin(TM)
2. Bioniche Revolving Credit Facility Maturity Date Amended
3. Bioniche Phase II Bladder Cancer Trial Results Published in The Journal of Urology
4. Bioniche Warrants Expiration Date to be Extended
5. Bioniche Reports Fiscal 2009 Second Quarter
6. Bioniche Invited to Participate in Canadian Beef Value Chain Roundtable
7. Bioniche Named One of the Top 50 Best Small and Medium Employers in Canada
8. Bioniche Presents MCC Data at the SIU World Uro-Oncology Update in Santiago, Chile
9. Bioniche Reports Fiscal 2009 First Quarter
10. Bioniche Allows Conversion of Portion of Revolving Credit Facility
11. Bioniche Presents E. coli O157:H7 Vaccine Data to World Buiatrics Congress in Budapest, Hungary
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/22/2017)... TX (PRWEB) , ... February ... ... Risk Adjustment solution leverages advanced data analytics to accurately understand each Medicare ... proper reimbursement for a given population. This new solution helps transform the ...
(Date:2/22/2017)... (PRWEB) , ... February 22, 2017 , ... Sideline Products ... the company met national TV host Tom Seay and his production crew. Tom ... favorite among equestrians around the world. Saddle Sidekicks will be featured on April ...
(Date:2/22/2017)... ... , ... ANGLESTRONG , the new recovery management app with multiple innovative ... Store and Google Play . Florida-based Sober Network, Inc., the premier provider ... with Angle to build ANGLESTRONG. The new recovery management app is a passion project ...
(Date:2/22/2017)... (PRWEB) , ... February 22, 2017 , ... A product ... people seem to derive a heart-protective benefit from eating soy foods, while others do ... Japanese men who are able to produce equol—a substance made by some types of ...
(Date:2/22/2017)... ... February 22, 2017 , ... Super-Sod will attend the Athens Home ... Athens, Georgia. , A shift from Super-Sod’s simple Athens Home Show booth of 2016, ... booth, grass seed plant manager Chris Roquemore constructed furniture from recycled pallet wood at ...
Breaking Medicine News(10 mins):
(Date:2/22/2017)... PORTLAND, Oregon and PUNE, India ... a new report published by Allied Market Research, titled, "Radiology ... User: Global Opportunity Analysis and Industry Forecast, 2014-2022," the radiology ... and is projected to reach $941 million by 2022, growing ... integrated radiology information systems segment held over three-fifths share of ...
(Date:2/22/2017)... On Tuesday, February 21, ... Average, and the S&P 500 edged higher at ... ended Tuesday,s trading session in bullish territories. Taking ... following Medical Instruments & Supplies equities this morning: ... Bard Inc. (NYSE: BCR), Glaukos Corporation (NYSE: GKOS), ...
(Date:2/22/2017)... 2017  Allergan plc (NYSE: AGN), a leading ... Gold sponsor of the Alzheimer,s Foundation of America,s ... tour commemorates AFA,s15 years of educating individuals about ... The tour will include AFA,s free Concepts in ... of the AFA Quilt to Remember. ...
Breaking Medicine Technology: