BELLEVILLE, ON, May 29, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX:
BNC) (ASX: BNC) ("Bioniche"), today announced that its Board of
Directors ("Board"), with the advice of legal counsel, has carefully
reviewed the purported "second requisition" by Bill Wells and Greg
Gubitz for a shareholders' meeting to replace the Board of Bioniche.
The Bioniche Board has concluded that: (i) the delivery of the "second
requisition" is tacit acknowledgement that the first requisition was
defective; and (ii) the "second requisition" does not require Bioniche
to call a special shareholders meeting under the Canada Business Corporations Act as a record date has been fixed and published for a scheduled meeting
The Bioniche Board also carefully considered the appropriate timing for
a shareholder meeting and concluded that a meeting in accordance with
the normal cycle is in the best interests of the shareholders and the
Company, as it allows shareholders time to consider the issues
associated with a contested Board election while not disrupting the
important initiatives under way to divest the Animal Health business,
as well as allowing time for the Company to address its financial
requirements and to re-partner Urocidin. Accordingly, the Bioniche
Board has determined to proceed with the scheduled meeting date of
November 5, 2013.
Counsel to Wells and Gubitz have advised that they intend to bring a
Court application to require an earlier meeting. The Bioniche Board has
determined to oppose that application.
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 One
Health. The Company's primary goal is to develop and commercialize
products that advance human or animal health and increase shareholder
value. 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.