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Bioniche Reports Fiscal 2009 Second Quarter
Date:2/6/2009

    - year-to-date revenues increase by 35% over same period in Fiscal 2008 -

    (all figures are in Canadian dollars unless otherwise noted)

BELLEVILLE, ON, Feb. 6 /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 2009 fiscal year, ending December 31, 2008.

"We have experienced another strong quarter of increased revenues in our Animal Health Division," said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. "We experienced strong growth in every jurisdiction and across all product lines."

Q2, Fiscal 2009 Financial Results Highlights

Consolidated revenues for the second quarter totaled $8.6 million, an increase of 32% from the $6.5 million recorded in the same period in Fiscal 2008.

The overall gross profit margin was 60% for the second quarter of Fiscal 2009, as compared to 58.5% for the same period in Fiscal 2008.

Expenses before research and development totaled $4.7 million for the three months ending December 31, 2008, which compares to $4.6 million recorded in the same period last year.

Research and development expenses were $3.3 million for the 3-month period ending December 31, 2008, as compared to $3.7 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 and the Econiche(TM) vaccine development program.

The basic and fully-diluted loss and comprehensive loss per share for the second quarter of Fiscal 2009 was ($0.03), compared to a net loss per share of ($0.07) recorded in the same period last year.

Year-to-Date Financial Results Highlights

On a year-to-date (six-month) basis, consolidated revenues have increased to $16.7 million, as compared to $12.4 million in Fiscal 2008, an increase of 35%. Considering cost of goods sold, the overall gross profit margin was 57.5% for the period, as compared to 58.1% in Fiscal 2008. Increased sales of lower profit margin products contributed to this result.

Expenses before research and development totaled $9.0 million in the six months ended December 31, 2008. This compares to $8.8 million in the same period last year. Although expenses remained relatively stable, they have actually reduced when viewed as a percentage of sales, given the strong six-month sales performance.

Research and development expenses were $7.1 million in the first six months of Fiscal 2009, as compared to $7.1 million in the same period last year.

The basic and fully-diluted loss and comprehensive loss per share for the six months ending December 31, 2008 was ($0.08), compared to a net loss per share of ($0.13) recorded in the same period last year.

Total shares outstanding at December 31, 2008 were 71,160,544, as compared to 62,171,540 at December 31, 2007.

"During this period of global economic uncertainty, the Company is taking internal steps to preserve its cash flow, while working diligently to find new capital investments," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "Management believes that the successful conclusion of a partnership deal related to its bladder cancer therapy - Urocidin - is the best means to enhance shareholder value."

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 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.

    Bioniche Life Sciences Inc.
    Amalgamated under the laws of Ontario


                     INTERIM CONSOLIDATED BALANCE SHEETS

                                                         As at         As at
                                                   December 31,      June 30,
                                                          2008          2008
                                                             $             $
    -------------------------------------------------------------------------

    ASSETS
    Current
    Cash and cash equivalents                        5,635,249     4,399,065
    Accounts receivable                              5,781,538     6,443,299
    Inventories                                      5,991,912     4,738,765
    Prepaid expenses and deposits                      727,526       640,326
    Foreign currency embedded derivatives                    -        59,693
    -------------------------------------------------------------------------
                                                    18,136,225    16,281,148
    -------------------------------------------------------------------------
    Long-term
    Property, plant and equipment                    9,640,527     9,718,157
    Intangible assets                                7,280,338     7,688,698
    Goodwill                                           456,155       456,155
    Long-term accounts receivable                      875,712       478,852
    -------------------------------------------------------------------------
                                                    36,388,957    34,623,010
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current
    Revolving credit facility                        5,038,495     2,593,059
    Accounts payable and accrued liabilities        10,077,958     8,341,398
    Income taxes payable                               219,890       104,592
    Current portion of long-term debt and
     obligations under capital leases                  882,654       706,505
    -------------------------------------------------------------------------
                                                    16,218,997    11,745,554
    -------------------------------------------------------------------------
    Long-term
    Long-term debt                                   1,343,835     1,673,853
    Obligations under capital leases                 1,107,889     1,176,237
    Government assistance loans                        785,665             -
    Deferred government incentives                   3,626,251     3,606,926
    -------------------------------------------------------------------------
                                                    23,082,637    18,202,570
    -------------------------------------------------------------------------
    Shareholders' equity
    Share capital                                   95,369,909    92,941,966
    Special warrants                                 2,174,008     2,174,008
    Other paid-in capital                            6,243,274     6,056,115
    Deficit                                        (90,480,871)  (84,751,649)
    -------------------------------------------------------------------------
                                                    13,306,320    16,420,440
    -------------------------------------------------------------------------
                                                    36,388,957    34,623,010
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Bioniche Life Sciences Inc.


            INTERIM CONSOLIDATED STATEMENTS OF LOSS, DEFICIT AND
                             COMPREHENSIVE LOSS

    For the three and six months ended December 31

                                                        Current
                              Current    Last Year         Year    Last Year
                              Quarter      Quarter      to Date      to Date
                                 2008         2007         2008         2007
                                    $            $            $            $
    -------------------------------------------------------------------------

    REVENUE
    Sales                   8,609,695    6,514,261   16,711,936   12,419,045
    Cost of sales
     (excluding
     amortization)          3,409,786    2,687,177    7,127,237    5,166,481
    -------------------------------------------------------------------------
                            5,199,909    3,827,084    9,584,699    7,252,564
    -------------------------------------------------------------------------

    EXPENSES
    Administration          1,579,051    1,973,720    3,097,378    3,603,134
    Marketing and selling   1,866,462    1,729,968    3,627,402    3,370,091
    Quality assurance               -      200,354            -      370,784
    Interest on long-term
     debt                      86,530       35,980      169,234       73,930
    Other interest, net        76,294      (21,526)     111,513      (84,346)
    Accreted interest on
     discounted receivables
     and interest free loans   (4,118)           -      (13,906)           -
    Amortization of property,
     plant and equipment      338,092      282,375      676,446      564,162
    Amortization of
     intangible assets        194,231      214,130      408,360      428,259
    Amortization of
     financial expenses       601,124      117,641      960,253      152,807
    Foreign exchange
     loss (gain)              (29,993)     118,541      (22,909)     316,514
    -------------------------------------------------------------------------
                            4,707,673    4,651,183    9,013,771    8,795,335
    -------------------------------------------------------------------------
    Income (loss) before
     research and
     development expenses
     and other items          492,236     (824,099)     570,928   (1,542,771)
    Research and
     development
     expenses, gross        3,185,117    3,663,747    7,030,277    7,230,414
    Less: government
     incentives              (490,112)    (374,735)  (1,006,248)    (718,583)
    Change in unrealized
     loss (gain) on foreign
     currency embedded
     derivatives                    -       44,453       59,693     (138,203)
    -------------------------------------------------------------------------
    Loss before income
     taxes                 (2,202,769)  (4,157,564)  (5,512,794)  (7,916,399)
    Provision for income
     taxes                    162,412       59,601      177,078      113,524
    -------------------------------------------------------------------------

    Net loss and
     comprehensive loss
     for the period        (2,365,181)  (4,217,165)  (5,689,872)  (8,029,923)
    Transition adjustment
     due to change in
     accounting policy              -            -      (39,350)     134,674
    Deficit, beginning
     of period            (88,115,690) (72,308,699) (84,751,649) (68,630,615)
    -------------------------------------------------------------------------

    Deficit, end of
     period               (90,480,871) (76,525,864) (90,480,871) (76,525,864)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted
     net loss per share         (0.03)       (0.07)       (0.08)       (0.13)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Weighted-average
     number of common
     shares outstanding    71,018,609   62,073,503   69,106,748   61,977,023



    Bioniche Life Sciences Inc.


                       INTERIM CONSOLIDATED STATEMENTS
                                OF CASH FLOWS

    For the three and six months ended December 31

                                                        Current
                              Current    Last Year         Year    Last Year
                              Quarter      Quarter      to Date      to Date
                                 2008         2007         2008         2007
                                    $            $            $            $
    -------------------------------------------------------------------------

    OPERATING ACTIVITIES
    Net loss for
     the period            (2,365,181)  (4,217,165)  (5,689,872)  (8,029,923)
    Add (deduct)
     non-cash items:
      Amortization          1,133,447      614,146    2,045,059    1,145,228
      Unrealized foreign
       exchange loss (gain)   460,031       21,667      366,273      (53,451)
      Change in unrealized
       loss (gain) on
       foreign currency
       embedded derivatives         -       44,453       59,693     (138,203)
      Accreted interest on
       discounted receivables  (4,118)           -      (13,906)           -
      Stock-based
       compensation            63,051      347,665      125,144      432,411
      Warrants issued to
       consultants                  -            -          700            -
      Employee share
       ownership plan         162,775      163,553      340,198      311,322
    -------------------------------------------------------------------------
                             (549,995)  (3,025,681)  (2,766,711)  (6,332,616)
    Net change in
     non-cash working
     capital balances         764,235   (1,475,702)     196,002     (830,764)
    -------------------------------------------------------------------------
    Cash provided by
     (used in)
     operating activities     214,240   (4,501,383)  (2,570,709)  (7,163,380)
    -------------------------------------------------------------------------

    INVESTING ACTIVITIES
    Proceeds from maturity of
     short-term investments         -            -            -    9,500,000
    Government incentives
     received on account
     of property, plant
     and equipment             53,074        2,807       53,074        4,641
    Purchases of property,
     plant and equipment     (384,666)     (73,688)    (522,578)    (272,397)
    -------------------------------------------------------------------------
    Cash provided by
     (used in) investing
     activities              (331,592)     (70,881)    (469,504)   9,232,244
    -------------------------------------------------------------------------

    FINANCING ACTIVITIES
    Proceeds from deferred
     government incentives    102,401       18,701      102,401       49,965
    Proceeds from government
     assistance               143,339            -      776,431            -
    Payment of financing
     fees - debt              (11,036)           -      (11,036)           -
    Proceeds from revolving
     credit facility        8,591,273    8,505,017   16,976,011   13,451,976
    Repayment of revolving
     credit facility       (7,146,912)  (5,281,835) (13,266,396) (10,380,520)
    Repayment of capital
     lease obligations        (71,345)     (29,164)    (130,025)     (64,323)
    Repayment of senior and
     other long-term debt    (137,844)      (4,861)    (170,989)      (9,612)
    -------------------------------------------------------------------------
    Cash provided by
     financing activities   1,469,876    3,207,858    4,276,397    3,047,486
    -------------------------------------------------------------------------

    Net increase (decrease)
     in cash and cash
     equivalents during
     the period             1,352,524   (1,364,406)   1,236,184    5,116,350
    Cash and cash
     equivalents, beginning
     of period              4,282,725    8,004,353    4,399,065    1,523,597
    -------------------------------------------------------------------------
    Cash and cash
     equivalents,
     end of period          5,635,249    6,639,947    5,635,249    6,639,947
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


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SOURCE Bioniche Life Sciences Inc.
Copyright©2009 PR Newswire.
All rights reserved

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