BELLEVILLE, ON, March 13, 2014 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX:
BNC) today held a conference call and audio webcast for its
shareholders, at which time, Company representatives provided several
corporate updates. The corporate presentation used during today's
call/webcast is available on the Company's website (www.Bioniche.com) under Investors - Corporate Presentations.
Sale Transaction of Bioniche Animal Health to Vétoquinol
The Company outlined some of the terms of the sale transaction, the full
details of which are available in the share purchase agreement filed on
The transaction is subject to approval by Bioniche shareholders at a
Special Meeting on April 14, 2014 at 9:00 a.m. in Toronto, Ontario. If
approved, the transaction could close on or about April 15, 2014. The
Management Information Circular related to this meeting is now
available on www.SEDAR.com and will be mailed to shareholders during the week of March 24, 2014.
All shareholders are encouraged to vote in person or by proxy. Voting
instructions will be contained in the Circular.
The Circular contains additional information about the proposed
transaction, including a pro-forma perspective of the Company's
financial position following the close of the deal and a fairness
opinion from from specialized Canadian investment bank, Bloom Burton &
"The Board of Directors and management of Bioniche Life Sciences Inc.
believe it is in the best interests of the Company for shareholders to
approve the proposed sale transaction to Vétoquinol," stated Dr.
Michael Berendt, CEO of Bioniche Life Sciences Inc.
Vision for the Future
If the sale transaction is successfully concluded, the Company will have
approximately 15 months of cash available to support its remaining
business, which will ultimately be exclusively focused on human
therapeutics with Urocidin for bladder canceras the lead asset. The Company's global commercialization strategy for Urocidin is very much partnership-driven, and strategic partnering and licensing
agreements will be sought to provide financing for further clinical and
regulatory work that may be required for commercialization. Beyond Urocidin, the Company will be looking for line extensions or therapeutic
combinations that will further extend the value of the product and its
underlying MCNA technology.
The Company will also be seeking out additional clinical stage or
near-clinical stage therapeutic assets that can be brought into the
business to broaden the human health portfolio and build on the
Company's existing strengths in biologics, manufacturing and oncology.
Replay of Conference Call/Webcast
A replay of today's conference call will be available until March 20,
2014 at midnight by calling 1-855-859-2056 (passcode: 7767236).
Today's webcast will be available for replay using the following link
until March 13, 2015:
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a clinical stage Canadian
biopharmaceutical company focused on the discovery, development,
manufacturing, and marketing of proprietary and innovative therapies
for the global human health market. The Company's primary goal is to
develop and commercialize products that advance human 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.