BELLEVILLE, ON, June 22 /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.
In April, the Company reported that it was experiencing delays in concluding 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. At the same time, the Company reported that the maturity date of its secured revolving credit facility with Valens U.S. (formerly Laurus Master Funds) was extended to June 30, 2009.
At this time, the Company can report that a number of activities have been taking place over the past two months to address its short-term liquidity requirements, and progress is being made on these initiatives. It is not expected that these initiatives will be finalized before June 30, 2009, but Valens U.S. has agreed to have the credit facility return to "on demand" status.
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.|
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