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Bioniche Reports Fiscal 2009 First Quarter
Date:11/7/2008


- revenues increase by 37% over same quarter in Fiscal 2008 -

(all figures are in Canadian dollars unless otherwise noted)

BELLEVILLE, ON, Nov. 7 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the first quarter of its 2009 fiscal year, ending September 30, 2008.

"Our revenues are up by 37% over the first quarter of Fiscal 2008," said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. "A restructuring of the Animal Health team in the past year has invigorated the Company's longest operating division, producing extraordinary growth across all product lines and all markets this quarter."

The Company's first quarter results are being reported on the heels of a significant milestone achievement: The granting of a full Canadian license for its E. coli O157 cattle vaccine, trademarked Econiche.

"Econiche is the world's first licensed vaccine to reduce the shed of E. coli O157 by cattle and thus, reduce the potential contamination of the environment, food and water supplies," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "Human exposure and infection with E. coli O157:H7 can result in serious health consequences, including abdominal pain and severe bloody diarrhea. In severe cases, kidney damage can occur and progress to serious complications and even death. We are seeing regular outbreaks of human infection, most recently in North Bay, Ontario and Niagara-on-the-Lake, Ontario, both related to food consumption at restaurants."

Fiscal 2009 Financial Results Highlights

Consolidated revenues for the first quarter totaled $8.1 million, an increase of 37% from the $5.9 million recorded in the same period in Fiscal 2008.

The overall gross profit margin was 54.3% for the first quarter of Fiscal 2009, as compared to 57.6% for the same period in Fiscal 2008. Increased sales of products with lower gross profit margins, along with increased costs, contributed to this result.

Expenses totaled $4.3 million for the three months ending September 30, 2008, which compares to $4.1 million recorded in the same period last year.

Research and development expenses were $3.8 million for the 3-month period ending September 30, 2008, as compared to $3.6 million for the same period in Fiscal 2008. The majority of these costs can be attributed to the ongoing Phase III clinical program with Urocidin(TM) in bladder cancer.

The basic and fully-diluted loss and comprehensive loss per share for the first quarter of Fiscal 2009 was ($0.05), compared to a net loss per share of ($0.06) recorded in the same period last year.

Annual Meeting Highlights

At the Company's Annual and Special Meeting of Shareholders yesterday afternoon in Toronto, Ontario, the Company provided a summary of recent milestones achieved and pending milestones. It outlined its financial situation, and strategies for generating additional finances for operations.

One new independent Director was appointed to the Board of Directors: Mr. Albert Beraldo. Mr. Beraldo is currently President & CEO of Alveda Pharmaceutical Inc. and has extensive knowledge of the industry. Mr. Beraldo has a long history with Bioniche Life Sciences Inc., having served as Director from 1984 to 2005 and as President & CEO of Bioniche Pharma Group Limited.

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 is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of Canada's Top Ten Life Sciences Companies for 2008. For more information, please visit http://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.

Bioniche Life Sciences Inc.

Amalgamated under the laws of Ontario

INTERIM CONSOLIDATED BALANCE SHEETS

(Unaudited - see going concern uncertainty)

As at As at

September 30, June 30,

2008 2008

$ $

-------------------------------------------------------------------------

ASSETS

Current

Cash and cash equivalents 4,282,725 4,399,065

Accounts receivable 6,558,279 6,443,299

Inventories 4,857,907 4,738,765

Prepaid expenses and deposits 532,762 640,326

Foreign currency embedded derivatives - 59,693

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16,231,673 16,281,148

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Long-term

Property, plant and equipment 9,647,025 9,718,157

Intangible assets 7,474,569 7,688,698

Goodwill 456,155 456,155

Long-term accounts receivable 674,247 478,852

-------------------------------------------------------------------------

34,483,669 34,623,010

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LIABILITIES AND SHAREHOLDERS' EQUITY

Current

Revolving credit facility 3,150,223 2,593,059

Accounts payable and accrued liabilities 7,990,746 8,341,398

Income and other taxes payable 114,696 104,592

Current portion of long-term debt and

obligations under capital leases 861,326 706,505

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12,116,991 11,745,554

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Long-term

Long-term debt 1,484,364 1,673,853

Obligations under capital leases 1,193,617 1,176,237

Government assistance loans 633,092 -

Deferred government incentives 3,615,696 3,606,926

-------------------------------------------------------------------------

19,043,760 18,202,570

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Shareholders' equity

Share capital 95,201,368 92,941,966

Special warrants 2,174,008 2,174,008

Other paid-in capital 6,180,223 6,056,115

Deficit (88,115,690) (84,751,649)

-------------------------------------------------------------------------

15,439,909 16,420,440

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34,483,669 34,623,010

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See accompanying notes

Bioniche Life Sciences Inc.

INTERIM CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited - see going concern uncertainty)

Preferred shares -

Common shares Series I

# $ # $

-------------------------------------------------------------------------

Balance, June 30,

2007 61,711,867 81,078,737 167 161,000

Transition adjustment - - - -

Net loss for the

period - - - -

Issued under employee

share ownership plan 171,920 113,883 - -

Fair value of stock

options vested - - - -

Directors' remuneration 73,560 76,502 - -

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Balance, Sept. 30,

2007 61,957,347 81,269,122 167 161,000

-------------------------------------------------------------------------

Balance, June 30,

2008 65,782,510 83,982,179 167 161,000

Transition adjustment - - - -

Net loss for the

period - - - -

Issued under employee

share ownership plan 294,619 179,312 - -

Fair value of stock

options vested - - - -

Directors' remuneration 161,672 113,170 - -

Options issued to a

consultant - - - -

Warrants issued in

connection with the

revolving debt - - - -

Revolving debt

principal payment

made in shares 4,565,049 1,966,920 - -

-------------------------------------------------------------------------

Balance, Sept. 30,

2008 70,803,850 86,241,581 167 161,000

-------------------------------------------------------------------------

Other

Preferred shares - Special paid-in

Series II Warrants capital

# $ $ $

-------------------------------------------------------------------------

Balance, June 30,

2007 9,000,000 8,798,787 2,174,008 5,528,059

Transition adjustment - - - -

Net loss for the

period - - - -

Issued under employee

share ownership plan - - - -

Fair value of stock

options vested - - - 84,746

Directors' remuneration - - - -

-------------------------------------------------------------------------

Balance, Sept. 30,

2007 9,000,000 8,798,787 2,174,008 5,612,805

-------------------------------------------------------------------------

Balance, June 30,

2008 9,000,000 8,798,787 2,174,008 6,056,115

Transition adjustment - - - -

Net loss for the

period - - - -

Issued under employee

share ownership plan - - - -

Fair value of stock

options vested - - - 62,093

Directors' remuneration - - - -

Options issued to a

consultant - - - 700

Warrants issued in

connection with the

revolving debt - - - 61,315

Revolving debt

principal payment

made in shares - - - -

-------------------------------------------------------------------------

Balance, Sept. 30,

2008 9,000,000 8,798,787 2,174,008 6,180,223

-------------------------------------------------------------------------

Deficit Total

$ $

-----------------------------------------------

Balance, June 30,

2007 (68,630,615) 29,109,976

Transition adjustment 134,674 134,674

Net loss for the

period (3,812,759) (3,812,759)

Issued under employee

share ownership plan - 113,883

Fair value of stock

options vested - 84,746

Directors' remuneration - 76,502

-----------------------------------------------

Balance, Sept. 30,

2007 (72,308,700) 25,707,022

-----------------------------------------------

Balance, June 30,

2008 (84,751,649) 16,420,440

Transition adjustment (39,350) (39,350)

Net loss for the

period (3,324,691) (3,324,691)

Issued under employee

share ownership plan - 179,312

Fair value of stock

options vested - 62,093

Directors' remuneration - 113,170

Options issued to a

consultant - 700

Warrants issued in

connection with the

revolving debt - 61,315

Revolving debt

principal payment

made in shares - 1,966,920

-----------------------------------------------

Balance, Sept. 30,

2008 (88,115,690) 15,439,909

-----------------------------------------------

Bioniche Life Sciences Inc.

INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

(Unaudited - see going concern uncertainty)

For the three months ended September 30

2008 2007

$ $

-------------------------------------------------------------------------

REVENUE

Sales 8,102,241 5,904,784

Cost of sales (excluding amortization) 3,717,451 2,479,305

-------------------------------------------------------------------------

Gross profit 4,384,790 3,425,479

-------------------------------------------------------------------------

EXPENSES

Administration 1,518,327 1,629,414

Marketing and selling 1,760,940 1,640,123

Quality assurance - 170,430

Interest on long-term debt 82,704 37,950

Other interest, net 35,219 (62,820)

Accreted interest on discounted receivables (9,788) -

Amortization of property, plant and equipment 338,354 281,787

Amortization of intangible assets 214,129 214,129

Amortization of financial expenses 359,129 35,166

Foreign exchange loss 7,084 197,973

-------------------------------------------------------------------------

4,306,098 4,144,152

-------------------------------------------------------------------------

Income (loss) before research and

development expenses and other items 78,692 (718,673)

Research and development expenses, gross 3,845,160 3,566,667

Less: government incentives, net (516,136) (343,848)

Change in unrealized loss (gain) on

foreign currency embedded derivatives 59,693 (182,656)

-------------------------------------------------------------------------

Loss before income taxes (3,310,025) (3,758,836)

Provision for income taxes 14,666 53,923

-------------------------------------------------------------------------

Net loss and comprehensive loss

for the period (3,324,691) (3,812,759)

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Basic and diluted net loss per share (0.05) (0.06)

-------------------------------------------------------------------------

-------------------------------------------------------------------------

Weighted-average number of common shares

outstanding 67,194,886 61,880,544

Bioniche Life Sciences Inc.

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited - see going concern uncertainty)

For the three months ended September 30

2008 2007

$ $

-------------------------------------------------------------------------

OPERATING ACTIVITIES

Net loss for the period (3,324,691) (3,812,759)

Add (deduct) non cash items:

Amortization 911,612 531,082

Unrealized foreign exchange gain (93,758) (75,117)

Change in unrealized loss (gain) on

foreign currency embedded derivatives 59,693 (182,656)

Accreted interest on discounted receivables (9,788) -

Stock-based compensation 62,093 84,746

Warrants issued to consultants 700 -

Employee share ownership plan 177,423 147,769

-------------------------------------------------------------------------

(2,216,716) (3,306,935)

Net change in non-cash working capital balances (568,233) 644,938

-------------------------------------------------------------------------

Cash used in operating activities (2,784,949) (2,661,997)

-------------------------------------------------------------------------

INVESTING ACTIVITIES

Proceeds from maturity of short-term

investments - 9,500,000

Government incentives received on account

of property, plant and equipment - 1,834

Purchases of property, plant and equipment (137,912) (198,709)

-------------------------------------------------------------------------

Cash provided by (used in) investing activities (137,912) 9,303,125

-------------------------------------------------------------------------

FINANCING ACTIVITIES

Proceeds from deferred government incentives - 31,264

Proceeds from government assistance 633,092 -

Proceeds from revolving credit facility 8,384,738 4,946,959

Repayment of revolving credit facility (6,119,484) (5,098,685)

Repayment of capital lease obligations (58,680) (35,159)

Repayment of senior and other long-term debt (33,145) (4,751)

-------------------------------------------------------------------------

Cash provided by (used in) financing

activities 2,806,521 (160,372)

-------------------------------------------------------------------------

Net increase (decrease) in cash and cash

equivalents during the period (116,340) 6,480,756

Cash and cash equivalents,

beginning of period 4,399,065 1,523,597

-------------------------------------------------------------------------

Cash and cash equivalents,

end of period 4,282,725 8,004,353

-------------------------------------------------------------------------

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SOURCE Bioniche Life Sciences Inc.
Copyright©2008 PR Newswire.
All rights reserved


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