BELLEVILLE, ON, March 2 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that the Company has amended the maturity date of its existing secured revolving credit facility with Valens U.S. (formerly Laurus Master Funds).
On October 31, 2008, Bioniche and Valens agreed to a near-term extension of this facility, originally scheduled to mature on December 19, 2008. This extension was provided to the Company in order to allow it time to identify new banking partner(s), after Valens decided to withdraw its credit due to recent market conditions. The original revolving credit facility was established in 2005.
This amendment will replace the previously agreed maturity date of March 2, 2009 with an "on demand" status, with the expectation that the Company will meet its near-term corporate objectives. There are no fees or penalties resulting from this amendment.
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.
|SOURCE Bioniche Life Sciences Inc.|
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