Bioniche Life Sciences Inc. (BNC) Reorganizes One of Its Business Units
3/8/2013 6:50:41 AM
BELLEVILLE, ON, March 7, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX:
BNC) (ASX: BNC), a research-based, technology-driven Canadian
biopharmaceutical company, today announced that it is reorganizing one
of its business units with a view to seeking to unlock the value of the
Company's core Human Health technology.
The reorganization involves moving the Company's Human Health business
into a new wholly-owned private subsidiary - Bioniche Therapeutics
Corp. . The subsidiary will function as a standalone unit, and the new
structure will allow direct external investment to support research and
development activities, commercialization activities and acquisition
opportunities, which may result in accretive value to the parent
"We realize that capital markets do not recognize the full value of the
Company's underlying business units and technologies in their current
configuration," said Mr. Graeme McRae, President & CEO of Bioniche Life
Sciences Inc. "With global rights to Urocidin negotiated back from Endo Pharmaceuticals, we believe that this is the
right time to reconfigure the organizational structure to better
highlight the inherent value in the Human Health business unit with
this late-stage therapeutic asset."
The Company will seek to source new investments in Bioniche Therapeutics
Corp. to support the path to global commercialization for the Company's
Phase III bladder cancer product - Urocidin. It should be noted that these investments could take the form of
private equity or licensing income through the out-licensing of
marketing rights to Urocidin in one or more global jurisdictions.
The Company is moving to hire a Chief Executive Officer for Bioniche
Therapeutics Corp., and an executive search is underway.
Urocidin is a formulation of MCC, a sterile mycobacterial cell wall-DNA complex
composition that has a dual mode of action: immune stimulation and
direct anticancer activity. UrocidinTMis formulated for the treatment of bladder cancer, where it is
administered by trans-urethral catheter directly into the bladder. The
agent is then able to directly interact with the cells of the immune
system and bladder cancer cells. Industry Canada's Industrial
Technologies Office (formerly Technology Partnerships Canada) has
contributed to the development of Bioniche's mycobacterial cell wall
technologies by means of a C$9.6 million loan to be repaid by Bioniche
About the First Phase III Clinical Trial with Urocidin
The Company's first Phase III trial was a 129-patient open label,
single-arm trial, meaning there was no comparator therapy used in the
trial. The trial was designed to assess the safety and efficacy of UrocidinTM as a treatment of non-muscle-invasive bladder cancer in patients whose
cancer had not responded positively to prior treatment with BCG
therapy. This trial enrolled its first patient in November, 2006 and
the last patient was enrolled in April, 2009.
Preliminary results, reported at urology association meetings in March,
May and June, 2011, showed that, after 12 months, there was a 25%
overall disease-free survival rate and the product was well-tolerated
by patients with most adverse events considered "mild to moderate".
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
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.