BELLEVILLE, ON, Nov. 9 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the first quarter of its 2008 fiscal year, ending September 30, 2007.
“We are also focused on the successful completion of a marketing partnership deal for Urocidin - our bladder cancer therapy, while executing our Phase III clinical program, the first trial of which continues to recruit patients at 25 centres in the U.S. and Canada,” said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. “We also continue to be focused on obtaining a full Canadian license for our E. coli O157:H7 cattle vaccine, while seeking an opportunity to clarify statistical analysis methodology with our U.S. regulator.”
Fiscal 2008 First Quarter Financial Results Highlights
Consolidated revenues for the first quarter totaled $5.9 million, a decrease of 23% from the $7.7 million recorded in the same period in Fiscal 2007. A one-time promotion of a leading animal health product contributed to higher revenues for the first quarter last year, an event that was not repeated this year.
The overall gross profit margin was 58% for the first quarter of Fiscal 2008, as compared to 59% for the same period in Fiscal 2007.
Expenses totaled $4.1 million for the three months ending September 30, 2007, which compares to $3.8 million recorded in the same period last year. This increase of $0.3 million, or 8%, primarily reflects additional staff, increased expenditures on E. coli O157:H7 development and awareness program and some necessary salary increases.
Gross research and development expenses remained stable at $3.6 million for the 3-month periods ending September 30, 2007 and September 30, 2006 respectively. The majority of these costs can be attributed to the ongoing Phase III clinical program in bladder cancer and expenditures on the E. coli O157:H7 development program.
The basic net loss per share for the first quarter of Fiscal 2008 was ($0.06), compared to a net loss per share of ($0.07) recorded in the same period last year.
Annual Meeting Highlights
At the Company’s Annual and Special Meeting of Shareholders yesterday afternoon in Toronto, Ontario, the Company provided an update on its Phase III clinical program with Urocidin in bladder cancer and its E. coli O157:H7 vaccine program. In the first Phase III trial involving refractory bladder cancer patients treated with Urocidin, it was reported that the Data Safety Monitoring Committee is satisfied with the progress of the trial and that recruitment of the 105 patients should be completed by mid-2008. With its E. coli O157:H7 vaccine, Bioniche is in the process of building industry awareness about this bacterium and in support of sales to high profile early adopters.
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 195 skilled personnel and has three operating divisions: 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 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.
CONTACT: Patrick Montpetit, CA, Vice-President and Chief Financial
Officer, Bioniche Life Sciences Inc., Telephone: (514) 697-6636,
Patrick.Montpetit@Bioniche.com; Jennifer Shea, Corporate Communications &
Investor Relations Manager, Bioniche Life Sciences Inc., Telephone: (613)
966-8058, Cell: (613) 391-2097, Jennifer.Shea@Bioniche.com
