Bioniche Reports Fiscal 2008 Seco... ( - year over year sales decrease; gr...)

Bioniche Reports Fiscal 2008 Second Quarter

Date:2/8/2008

- year over year sales decrease; gross profit margin increases; net loss

remains stable -

(all figures are in Canadian dollars unless otherwise noted)

BELLEVILLE, ON, Feb. 8 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the second quarter of its 2008 fiscal year, ending December 31, 2007.

"The second quarter of Fiscal 2008 and subsequent weeks have been very positive for us with three announcements related to financing in support of the scale-up of vaccine manufacturing at our Belleville, Ontario facility," said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "The $20 million that was announced goes a long way toward covering the costs of $25 million first phase of scale-up, which is critical to prepare for market demand for our E. coli O157:H7 cattle vaccine as regulatory approvals are received." The vaccine is available to Canadian veterinarians under the Permit to Release Veterinary Biologics regulations of the Canadian Food Inspection Agency (CFIA). Earlier this week, the United States Department of Agriculture (USDA) gave notice that the E. coli O157:H7 vaccine is eligible for a conditional license, providing access to the U.S. market.

Fiscal 2008 Second Quarter Financial Results Highlights

Consolidated revenues for the six-month period ending December 31, 2007 totalled $12.4 million, a decrease of $1.2 million, or 9% from the $13.6 million recorded in the same period in Fiscal 2007.

The overall gross profit margin was 58% for the six-month period ending December 31, 2007 as compared to 57% for the same period last year.

Expenses before research and development totalled $8.8 million for the six months ending December 31, 2007, the same amount recorded in the same period in Fiscal 2007. Expenses include increased costs related to the C
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Related medicine news :

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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
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10. USDA Agrees to Grant Conditional License to Bioniche for its E. coli O157:H7 Cattle Vaccine
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