, Sept. 11, 2013
/PRNewswire/ - Bioniche Life Sciences Inc. (TSX:
BNC) (ASX: BNC), a research-based, technology-driven Canadian
biopharmaceutical company, today issued an open letter to all
shareholders from Founder, President & CEO, Graeme McRae
, regarding his
going forward role with the Company:
Dear Fellow Shareholders,
I am writing to advise you of my changing role with Bioniche Life
Sciences Inc., the Company I founded with the support of 100 Ontario
veterinarians more than 34 years ago.
Given the Company's intention to divest its Animal Health business and
One Health/VMC business, the focus of the business going forward will
be on the Human Health side. The expected influx of cash associated
with the sale of these assets will enable the Company to repay debt,
provide the financial resources to commercialize Urocidin for non-muscle-invasive bladder cancer, and return some capital to
As announced in an open letter to shareholders in June, 2013, I will be
stepping down as President & CEO of the Company upon the hiring of a
new CEO for Bioniche Life Sciences Inc. The selection of a new CEO is
in process and is expected to be announced in the near future.
The Board of Directors (Board) is appointing me Chairman Emeritus. This
is a non-voting position that allows me to continue to contribute my
years of experience and vast network of industry contacts in an
At the same time, the Board has offered to engage me in a consulting
contract, whereby I will provide business development support to the
Company related to several defined projects, including the divestment
of the Animal Health and One Health/VMC businesses.
My new role in the Company is an exciting one for me. It allows me to
focus on key projects without being involved in day-to-day operational
management, which has become increasingly demanding over the past few
The Company has had numerous successes over the years, including
registering several new technologies in Animal Health, developing and
registering the world's first E. coli O157 cattle vaccine, developing one of the few new bladder cancer
technologies in decades (and progressing it to Phase III), and building
a team of skilled, professional employees.
I have no doubt that the Company's streamlined focused and enhanced
financial position going forward will make it viable and successful in
the future. I am proud to have contributed to building the foundation
for this success and I look forward to celebrating future corporate
achievements with all of my fellow shareholders.
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 and innovative
products for human and animal health markets worldwide. The
fully-integrated company employs more than 200 skilled personnel and
has three operating divisions: Human Health, Animal Health, and Food
Safety. The Company's primary goal is to develop and commercialize
products that advance human or animal health and increase shareholder
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
SOURCE Bioniche Life Sciences Inc.