BELLEVILLE, Ontario, April 18 /PRNewswire-FirstCall/ -- Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced that the Company has eliminated its long-term convertible debt with Laurus Master Funds.
The Company will repay US$523,306 on the secured convertible term note with 670,943 shares at the price per share of $0.88, as set out under the terms of the agreement with Laurus Master Funds. This eliminates the secured convertible term debt with Laurus, which began as a three-year, US$7 million loan in December, 2005. There is no penalty attached to this repayment.
A secured revolving note with Laurus Master Funds remains in place, allowing a maximum borrowing limit of US$3.5 million. At March 31, 2007, the Company had drawn approximately C$2.2 million on this line of credit.
“We are pleased to be in a position to eliminate this long-term debt with Laurus Master Funds,” said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. “We have a strong balance sheet with which to execute our Phase III development program for Urocidin, while completing a partnership deal related to this technology and preparing to launch our E. coli O157:H7 cattle vaccine in Canada.”
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 products for human and animal health markets worldwide. The fully-integrated company employs approximately 185 skilled personnel and has three operating business units: Human Health, Animal Health, and Food Safety. The Company’s primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. For more information, please visit http://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 annual reporting.
For further information, please contact: Jennifer Shea Corporate Communications & Investor Relations Manager Bioniche Life Sciences Inc. Telephone: (613) 966-8058 ext. 1250 Cell: (613) 391-2097 Jennifer.Shea@Bioniche.com
Bioniche Life Sciences Inc.
CONTACT: Jennifer Shea, Corporate Communications & Investor RelationsManager, Bioniche Life Sciences Inc., +1-613-966-8058, ext. 1250, Cell,+1-613-391-2097, Jennifer.Shea@Bioniche.com
Web site: http://www.bioniche.com//