-repaid from US$20 million licensing payment-
BELLEVILLE, ON, July 20 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. ("Bioniche"; TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today reported that it has received a US$20 million up-front payment from Endo Pharmaceuticals per the licensing agreement related to Urocidin(TM) (announced on July 10, 2009). The Company has used a portion of this payment to repay its credit facility with Valens U.S. and associated fees, a total of US$5.3 million. The remainder of the payment will be used for general corporate purposes and working capital.
"Valens has financed the Company through a challenging time of corporate development, helping the Company to advance its bladder cancer technology to Phase III clinical testing and its E. coli O157 vaccine - Econiche(TM) - to full Canadian license," said Graeme McRae, Chairman, President CEO of Bioniche Life Sciences Inc. "Their support has been invaluable."
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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