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Bioniche Reports Fiscal 2008 Second Quarter
Date:2/8/2008

ompany's education and awareness program focused on the dangers of E. coli O157:H7 and the importance of food and environmental safety.

Gross research and development expenses were $7.2 million for the six-month period ending December 31, 2007. This is unchanged from the same period in Fiscal 2007. The majority of these costs can be attributed to the ongoing Phase III clinical program with Urocidin(TM) in bladder cancer.

The basic net loss per share for the six-month period ending December 31, 2007 was ($0.13), compared to a net loss per share of ($0.14) recorded in the same period last year.

The balance sheet at December 31, 2007 shows:

- Total assets of $36.8 million, as compared to $41.5 million at

June 30, 2007.

- Working capital of $7.1 million, as compared to $14.4 million at

June 30, 2007.

- Shareholders' equity of $21.7 million, as compared to $29.1 million

at June 30, 2007.

- Cash and cash equivalents of $6.6 million, as compared to cash, cash

equivalents and short-term investments of $11.0 million at June 30,

2007.

- Unused revolving credit facilities of $1.6 million, as compared to

$1.8 million at the end of June 30, 2007.

"It is important to note that despite some going concern with our cash position, our commercial operations continue to perform nicely," said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. "We are well positioned and committed to execute a strategic partnership transaction related to the financing of our bladder cancer therapy, Urocidin(TM), at the earliest opportunity."

The Company will discuss its second quarter results and other recent news during a:

Conference Call & Audio Web Cast

Tuesday, February 12, 2008

9:00 a.m. (Eastern)

To participate in the teleconference, call 4
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SOURCE Bioniche Life Sciences Inc.
Copyright©2008 PR Newswire.
All rights reserved

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