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Bioniche Secures Final Financing to Scale-up E. coli O157:H7 Vaccine Production
Date:6/25/2008

- full $25 million of required financing now in place -

BELLEVILLE, ON, June 25 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has secured an amendment to a pre-existing $7.6 million contribution agreement with the Industrial Technologies Office of Industry Canada that will support the scale-up of its vaccine production facility in Belleville, Ontario. The amended agreement extends the timeline for completion of work on the production scale-up to March 31, 2013.

This funding will be combined with the $10 million in Ontario government financing through the Ministry of Economic Development and Trade (MEDT)'s Advanced Manufacturing Investment Strategy (AMIS), $5 million in federal government financing through the Agri-Opportunities Program of the Department of Agriculture and Agri-Food (Canada) (AAFC), both announced in December, 2007, and a loan of $5 million from the Business Development Bank of Canada (BDC) announced in February, 2008. With $25 million in funding now in place, the Company has the required financing to complete the scale-up of vaccine production at its Belleville facility over the next two years. This will provide capacity of a minimum of 40 million doses of the E. coli O157:H7 vaccine. It is part of a long-term, $107 million project to create a state-of-the-art Animal Health and Food Safety Vaccine Manufacturing Centre in Belleville.

"We are pleased to have all of the necessary financing now in place to complete the first phase of production scale-up in Belleville," said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "The assistance of these programs has provided a favourable weighted average cost of capital and the terms of the funding will permit repayment from vaccine revenues. The fact that the majority of this financing is coming from various levels of government demonstrates recogniti
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SOURCE Bioniche Life Sciences Inc.
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Related medicine news :

1. Bioniche Responds to Australian Equine Influenza Outbreak
2. Bioniche Receives $2 Million Government Grant For Market Development Related to its E. coli O157:H7 Cattle Vaccine
3. Bioniche Food Safety Vaccine Receives Global Top Honours in Industry Excellence Awards
4. Bioniche Receives Comment from USDA on a Field Trial for E. coli O157:H7 Cattle Vaccine
5. Media Advisory - Bioniche Discusses USDA Comment on E. coli O157:H7 Cattle Vaccine Field Trial
6. Bioniche to Present at Rodman & Renshaw 9th Annual Healthcare Conference
7. Bioniche Reports Fiscal 2008 First Quarter
8. Bioniche Receives $5 Million of Federal Government Support to Scale-up Vaccine Production in Ontario
9. Bioniche Amends Terms of Convertible Debt with Laurus Master Funds
10. USDA Agrees to Grant Conditional License to Bioniche for its E. coli O157:H7 Cattle Vaccine
11. Bioniche Reports Fiscal 2008 Second Quarter
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