Navigation Links
Bioniche Reports Fiscal 2009 Year-End Results
Date:9/18/2009

       - revenues increase by 21% over Fiscal 2008, to $33.3 million -

    (all figures are in Canadian dollars unless otherwise noted)

BELLEVILLE, ON, Sept. 18 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for its 2009 fiscal year ended June 30, 2009.

"We had a very successful year in terms of revenues generated by our base Animal Health business, experiencing 21% growth in a challenging global economy," said Graeme McRae, Chairman, President CEO of Bioniche Life Sciences Inc. "In addition, subsequent to the end of the fiscal year, we announced a transformative corporate event: The signing of a licensing agreement with Endo Pharmaceuticals Inc. for exclusive rights to develop and market UrocidinTM in the U.S. with an option for global rights."

Urocidin is a patented formulation of Mycobacterial Cell Wall-DNA Complex (MCC) developed by Bioniche for the treatment of non-muscle-invasive bladder cancer that is currently undergoing Phase III clinical testing.

Subsequent to the year-end, the Company received an up-front payment of US$20 million from Endo and executed a series of transactions improving its capital structure. At present, the Company reports that its unaudited cash position, inclusive of restricted cash, at the end of August, 2009, was $16.6 million. This strong cash position is the net result of the closing of the License, Development and Supply Agreement as explained above, the repayment of the revolving credit facility and associated fees of $6.2M (US$5.3M), the sale of U.S. licensing rights to a product in the animal health market subsequent to June 30, 2009 for $0.9M (US$0.8M), fourth quarter working capital variations, and repayment of overdue outstanding payables. More information on the partnership transaction and other subsequent events is provided in the Company's Fiscal 2009 Management's Discussion and Analysis dated September 17, 2009.

Fiscal 2009 Financial Results Highlights

Consolidated revenues for the fiscal year increased by 21% to $33.3 million, as compared to $27.5 million in Fiscal 2008. Increased sales of animal health products in all markets, combined with favourable exchange rates, contributed to this result. The overall gross profit margin was 57% this fiscal year, as compared to 54% in Fiscal 2008.

For the year ended June 30, 2009, expenses before research and development totaled $17.5 million, compared to $16.7 million for Fiscal 2008. Importantly, the Company reduced its administration and marketing expenses by 10% from $13.4 million in Fiscal 2008 to $12.2 million in Fiscal 2009, as a result of certain temporary cutbacks necessary during a period of financial challenge. Management expects administration and marketing costs to increase again during Fiscal 2010 to assure the sustainability of the business. This, combined with a non-cash items increase and other minor variations, resulted in an increase of $0.8 million, or 5%.

Gross research and development (R D) expenses decreased by $2.7 million in Fiscal 2009, reaching $13.3 million compared to $16.0 million in Fiscal 2008. The majority of these costs continue to be attributed to the ongoing Phase III clinical program for the Company's Urocidin(TM) bladder cancer therapy and the E. coli O157 cattle vaccine development program.

The basic and fully-diluted net loss per share for Fiscal 2009 was ($0.15) compared to a net loss per share of ($0.26) in Fiscal 2008.

Earnings before interest, taxes, depreciation, amortization and foreign exchange were $5.7 million, as compared to $1.4 million in Fiscal 2008. "This is a significant increase year over year that can be directly attributed to the efforts of the Bioniche Animal Health sales and marketing team," said Mr. McRae.

At yesterday's meeting of the Bioniche Life Sciences Inc. Board of Directors, Mr. Nick Photiades was appointed as an independent Director. Mr. Photiades is a management and strategic planning consultant. In November, 2008, he retired after a long career with the Business Development Bank of Canada, where he was Senior Director, Life Sciences, Venture Capital Division. Mr. Photiades holds a Bachelor of Science degree in Physics from Concordia University and a Graduate Diploma in Management from McGill University. He has served as a director in several public and private high technology companies, mainly in the biotechnology area; he also served on the Board of Directors of the Chamber of Commerce of Metropolitan Montreal; and presently serves on the St. Mary's Hospital Foundation Board.

The Company also welcomes a new Chief Financial Officer: Mr. Brian Ford. Brian is an accomplished chartered accountant and financial professional with over 26 years of experience serving private corporations and publicly traded entities. Most recently, he was the Proprietor of PetersFord Consulting, a firm focused on finance and business risk services. Previously, he held several increasingly responsible positions with Ernst Young, his last position being Principal of Business Risk Services in the firm's Toronto office. He has earned a Graduate Diploma in Accounting from the University of McGill, a B.A. (Economics, History, English) from the University of Guelph, and is a Member of the Ontario Institute of Chartered Accountants. With his multidisciplinary skill set, together with core skills in accounting, auditing, and finance, Brian brings a portfolio of experience that provides significant value to the Company.

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

                         CONSOLIDATED BALANCE SHEETS
                       (see going concern uncertainty)

    As at June 30
                                                           2009         2008
                                                              $            $
    -------------------------------------------------------------------------

    ASSETS
    Current
    Cash and cash equivalents                         5,949,617    4,399,065
    Accounts receivable                               3,720,123    6,443,299
    Inventories                                       5,407,624    4,738,765
    Prepaid expenses and deposits                       569,605      640,326
    Restricted cash                                   1,227,374            -
    Foreign currency embedded derivatives                     -       59,693
    -------------------------------------------------------------------------
                                                     16,874,343   16,281,148
    -------------------------------------------------------------------------
    Long-term
    Property, plant and equipment                     9,494,013    9,718,157
    Intangible assets                                 6,791,777    7,688,698
    Goodwill                                            456,155      456,155
    Long-term accounts receivable                     1,025,152      478,852
    -------------------------------------------------------------------------
                                                     34,641,440   34,623,010
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    LIABILITIES AND SHAREHOLDERS' EQUITY

    Current
    Revolving credit facility                         4,447,836    2,593,059
    Accounts payable and accrued liabilities         11,607,217    8,341,398
    Income and other taxes payable                      321,166      104,592
    Deferred government assistance                      342,269            -
    Current portion of long-term debt and
     obligations under capital leases                   634,427      458,713
    -------------------------------------------------------------------------
                                                     17,352,915   11,497,762
    -------------------------------------------------------------------------
    Long-term
    Long-term debt                                    1,148,706    1,673,853
    Obligations under capital leases                  1,224,767    1,424,029
    Government assistance loans                       2,475,975            -
    Deferred government incentives                    3,335,548    3,606,926
    -------------------------------------------------------------------------
                                                     25,537,911   18,202,570
    -------------------------------------------------------------------------

    Shareholders' equity
    Share capital                                    95,855,503   92,941,966
    Special warrants                                          -    2,174,008
    Other paid-in capital                             8,539,529   6,056,115
    Deficit                                         (95,291,503) (84,751,649)
    -------------------------------------------------------------------------
                                                      9,103,529   16,420,440
    -------------------------------------------------------------------------
                                                     34,641,440   34,623,010
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Commitments and contingencies



    Bioniche Life Sciences Inc.

               CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
                       (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 year           -            -            -            -
    Issued under employee
     share ownership plan     808,291      638,500            -            -
    Fair value of stock
     options vested                 -            -            -            -
    Directors'
     remuneration              73,560       76,502            -            -
    Share bonus               516,886      408,340            -            -
    Warrants issued in
     connection with the
     revolving credit
     facility                       -            -            -            -
    Revolving credit
     facility principal
     payments made in
     shares                 2,671,900    1,780,100            -            -
    Warrants issued to a
     consultant                     -            -            -            -
    Adjustment for
     conversion of
     fractional shares              6            -            -            -
    -------------------------------------------------------------------------
    Balance, June 30,
     2008                  65,782,510   83,982,179          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 year          -            -            -            -
     Issued under employee
      share ownership plan          -            -            -            -
     Fair value of stock
      options vested                -            -            -      388,731
     Directors'
      remuneration                  -            -            -            -
     Share bonus                    -            -            -            -
     Warrants issued in
      connection with the
      revolving credit
      facility                      -            -            -      112,000
     Revolving credit
      facility principal
      payments made in
      shares                        -            -            -            -
     Warrants issued to a
      consultant                    -            -            -       27,325
     Adjustment for
      conversion of
      fractional shares             -            -            -            -
    -------------------------------------------------------------------------
     Balance, June 30,
      2008                  9,000,000    8,798,787    2,174,008    6,056,115
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                              Deficit        Total
                                    $            $
    -----------------------------------------------
     Balance, June 30,
      2007                (68,630,615)  29,109,976
     Transition adjustment    134,674      134,674
     Net loss for the year(16,255,708) (16,255,708)
     Issued under employee
      share ownership plan          -      638,500
     Fair value of stock
      options vested                -      388,731
     Directors'
      remuneration                  -       76,502
     Share bonus                    -      408,340
     Warrants issued in
      connection with the
      revolving credit
      facility                      -      112,000
     Revolving credit
      facility principal
      payments made in
      shares                        -    1,780,100
     Warrants issued to a
      consultant                    -       27,325
     Adjustment for
      conversion of
      fractional shares             -            -
    -----------------------------------------------
     Balance, June 30,
      2008                (84,751,649)  16,420,440
    -----------------------------------------------
    -----------------------------------------------



    Bioniche Life Sciences Inc.

           CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (CONT'D)
                       (see going concern uncertainty)

                                                          Preferred shares -
                                     Common shares                  Series I
                                  #            $          #            $
    -------------------------------------------------------------------------
    Balance, June 30,
     2008                  65,782,510  83,982,179           167      161,000
    Transition adjustment           -           -             -            -
    Net loss for the year           -           -             -            -
    Issued under employee
     share ownership plan   1,171,916     593,447             -            -
    Fair value of stock
     options vested                 -           -             -            -
    Directors'
     remuneration             161,672     113,170             -            -
    Warrants issued in
     connection with the
     revolving credit
     facility                       -           -             -            -
    Revolving credit
     facility principal
     payments made in
     shares                 4,565,049   1,966,920             -            -
    Special warrants
     expired                        -           -             -            -
    Options issued to a
     consultant                     -           -             -            -
    Write-off of employee
     share purchase loan            -     240,000             -            -
    -------------------------------------------------------------------------
    Balance, June 30,
     2009                  71,681,147  86,895,716           167      161,000
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                                                                       Other
                                Preferred shares -      Special      paid-in
                                         Series II     warrants      capital
                                  #            $            $            $
    -------------------------------------------------------------------------
    Balance, June 30,
     2008                   9,000,000    8,798,787    2,174,008    6,056,115
    Transition adjustment           -            -            -            -
    Net loss for the year           -            -            -            -
    Issued under employee
     share ownership plan           -            -            -            -
    Fair value of stock
     options vested                 -            -            -      247,391
    Directors'
     remuneration                   -            -            -            -
    Warrants issued in
     connection with the
     revolving credit
     facility                       -            -            -       61,315
    Revolving credit
     facility principal
     payments made in
     shares                         -            -            -            -
    Special warrants
     expired                        -            -   (2,174,008)   2,174,008
    Options issued to a
     consultant                     -            -            -          700
    Write-off of employee
     share purchase loan            -            -            -            -
    -------------------------------------------------------------------------
    Balance, June 30,
     2009                   9,000,000    8,798,787            -    8,539,529
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


                              Deficit        Total
                                    $            $
    -----------------------------------------------
    Balance, June 30,
     2008                 (84,751,649)  16,420,440
    Transition adjustment     (39,350)     (39,350)
    Net loss for the year (10,500,504) (10,500,504)
    Issued under employee
     share ownership plan           -      593,447
    Fair value of stock
     options vested                 -      247,391
    Directors'
     remuneration                   -      113,170
    Warrants issued in
     connection with the
     revolving credit
     facility                       -       61,315
    Revolving credit
     facility principal
     payments made in
     shares                         -    1,966,920
    Special warrants
     expired                        -            -
    Options issued to a
     consultant                     -          700
    Write-off of employee
     share purchase loan            -      240,000
    -----------------------------------------------
    Balance, June 30,
     2009                 (95,291,503)   9,103,529
    -----------------------------------------------
    -----------------------------------------------



    Bioniche Life Sciences Inc.

                     CONSOLIDATED STATEMENTS OF LOSS AND
                             COMPREHENSIVE LOSS
                       (see going concern uncertainty)

    Years ended June 30
                                                           2009         2008
                                                              $            $
    -------------------------------------------------------------------------
    REVENUE
    Sales                                            33,281,029   27,468,085
    Cost of sales (excluding amortization)           14,431,868   12,695,925
    -------------------------------------------------------------------------
    Gross profit                                     18,849,161   14,772,160
    -------------------------------------------------------------------------

    EXPENSES
    Administration                                    6,108,984    6,710,565
    Marketing and selling                             6,096,518    6,703,929
    Other expenses                                      863,257            -
    Interest on long-term debt                          323,645      203,210
    Other interest, net                                 357,776       (1,450)
    Accreted interest on discounted receivables
     and interest free loans                             (3,995)     (13,819)
    Amortization of property, plant and equipment     1,342,918    1,202,328
    Amortization and write-down of intangible
     assets                                             896,921      856,517
    Amortization of financial expenses                1,787,104      767,921
    Foreign exchange loss (gain)                       (250,876)     232,822
    -------------------------------------------------------------------------
                                                     17,522,252   16,662,023
    -------------------------------------------------------------------------
    Income (loss) before research and development
     expenses and other items                         1,326,909   (1,889,863)

    Research and development expenses, gross         13,314,889   15,972,660
    Less: government incentives, net                 (1,861,730)  (1,918,380)
    Change in unrealized loss on foreign currency
     embedded derivatives                                59,693      126,988
    -------------------------------------------------------------------------
    Loss before income taxes                        (10,185,943) (16,071,131)
    Provision for income taxes                          314,561      184,577
    -------------------------------------------------------------------------
    Net loss and comprehensive loss for the year    (10,500,504) (16,255,708)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and fully diluted net loss per share            (0.15)       (0.26)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average number of common shares
     outstanding                                     70,313,509   63,104,876
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



    Bioniche Life Sciences Inc.

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                       (see going concern uncertainty)

    Years ended June 30
                                                           2009         2008
                                                              $            $
    -------------------------------------------------------------------------
    OPERATING ACTIVITIES
    Net loss for the year                           (10,500,504) (16,255,708)
    Add (deduct) non cash items:
      Amortization                                    3,926,943    2,826,766
      Amortization of deferred government incentives   (311,266)           -
      Change in unrealized loss on foreign currency
       embedded derivatives                              59,693      126,988
      Accreted interest on discounted receivables
       and interest-free loans                           (3,995)     (13,819)
      Write-off of intangible assets                    100,000            -
      Unrealized foreign exchange loss (gain)           184,798      (34,680)
      Stock-based compensation                          487,391      388,731
      Warrants issued to consultants                        700       27,325
      Share bonus and shares issued to directors              -      544,507
      Employee share ownership plan                     532,827      684,556
    -------------------------------------------------------------------------
                                                     (5,523,413) (11,705,334)
    Increase in restricted cash                      (1,227,374)           -
    Net change in non-cash working capital balances   4,068,689       62,188
    -------------------------------------------------------------------------
    Cash used in operating activities                (2,682,098) (11,643,146)
    -------------------------------------------------------------------------
    INVESTING ACTIVITIES
    Proceeds from maturity of short-term investments          -    9,500,000
    Government incentives received on account of
     property, plant and equipment                       79,798        4,641
    Purchases of property, plant and equipment       (1,116,410)    (584,573)
    -------------------------------------------------------------------------
    Cash provided by (used in) investing activities  (1,036,612)   8,920,068
    -------------------------------------------------------------------------
    FINANCING ACTIVITIES
    Proceeds from term note                                   -    1,750,000
    Proceeds from government assistance               2,545,059
    Payment of financing fees - debt                    (11,036)     (88,010)
    Proceeds from deferred government incentives        413,114       49,965
    Proceeds from revolving credit facility          31,474,720   26,759,247
    Repayment of revolving credit facility          (28,447,761) (22,635,316)
    Repayment of capital lease obligations             (297,771)    (217,232)
    Repayment of long-term debt                        (407,063)     (20,108)
    -------------------------------------------------------------------------
    Cash provided by financing activities             5,269,262    5,598,546
    -------------------------------------------------------------------------
    Net increase in cash and cash equivalents
     during the year                                  1,550,552    2,875,468
    Cash and cash equivalents, beginning of year      4,399,065    1,523,597
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of year            5,949,617    4,399,065
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


'/>"/>
SOURCE Bioniche Life Sciences Inc.
Copyright©2009 PR Newswire.
All rights reserved


Related medicine news :

1. Bioniche Phase III Clinical Trial with Urocidin(TM) Given Continued Green Light by DMC
2. Bioniche Repays Revolving Credit Facility
3. Bioniche Provides a Corporate Update
4. Bioniche Pharma and Synerx Pharma Launch Melphalan Hydrochloride for Injection
5. Bioniche Represented at House of Commons Sub-Committee on Food Safety
6. Bioniche Phase III Clinical Trial with Urocidin(TM) Progressing Well
7. Bioniche Reports Fiscal 2009 Third Quarter
8. Bioniche Provides a Corporate Update
9. Bioniche Completes Recruitment in First Phase III Clinical Trial with Urocidin(TM)
10. Bioniche Revolving Credit Facility Maturity Date Amended
11. Bioniche Phase II Bladder Cancer Trial Results Published in The Journal of Urology
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/26/2016)... Birmingham, Lake Orion, Clarkston, Michigan (PRWEB) , ... ... ... their direction with respect to fertility once they have been diagnosed with endometriosis. ... for tolerable intercourse but they also require a comprehensive approach that can help ...
(Date:6/25/2016)... , ... June 25, 2016 , ... First Choice ... States, named Dr. Sesan Ogunleye, as the Medical Director of its new Mesquite-Samuell Farm ... Medical Director of our new Mesquite location,” said Dr. James M. Muzzarelli, Executive Medical ...
(Date:6/24/2016)... ... 2016 , ... A recent article published June 14 on E ... goes on to state that individuals are now more comfortable seeking to undergo not ... as calf and cheek reduction. The Los Angeles area medical group, Beverly Hills Physicians ...
(Date:6/24/2016)... ... June 24, 2016 , ... Global law firm Greenberg Traurig, P.A. announced ... attorneys chosen by their peers for this recognition are considered among the top 2 ... received special honors as members of this year’s Legal Elite Hall of Fame: ...
(Date:6/24/2016)... ... 24, 2016 , ... EB Medicine presented its first-ever “Issue ... conference in Ponte Vedra Beach, FL. The awards honor the outstanding work of ... and Pediatric Emergency Medicine Practice. , “With this award, we recognize the ...
Breaking Medicine News(10 mins):
(Date:6/24/2016)... , June 24, 2016 Dehaier Medical Systems ... "Company"), which develops, markets and sells medical devices and ... , signed a strategic cooperation agreement with Hongyuan Supply ... Supply Chain") on June 20, 2016, to develop Dehaier,s ... strategic cooperation agreement, Dehaier will leverage Hongyuan Supply Chain,s ...
(Date:6/24/2016)... Research and Markets has announced the addition of the ... to their offering. ... World Market for Companion Diagnostics covers the world market for ... report includes the following: , World IVD ... (N. America, EU, ROW), 2015-2020 , World IVD Companion ...
(Date:6/24/2016)... 24, 2016   Pulmatrix, Inc ., (NASDAQ: ... inhaled drugs, announced today that it was added to ... its comprehensive set of U.S. and global equity ... an important milestone for Pulmatrix," said Chief Executive Officer ... of our progress in developing drugs for crucial unmet ...
Breaking Medicine Technology: