BELLEVILLE, ON, Feb. 8 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the second quarter of its 2008 fiscal year, ending December 31, 2007.
“The second quarter of Fiscal 2008 and subsequent weeks have been very positive for us with three announcements related to financing in support of the scale-up of vaccine manufacturing at our Belleville, Ontario facility,” said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. “The $20 million that was announced goes a long way toward covering the costs of $25 million first phase of scale-up, which is critical to prepare for market demand for our E. coli O157:H7 cattle vaccine as regulatory approvals are received.” The vaccine is available to Canadian veterinarians under the Permit to Release Veterinary Biologics regulations of the Canadian Food Inspection Agency (CFIA). Earlier this week, the United States Department of Agriculture (USDA) gave notice that the E. coli O157:H7 vaccine is eligible for a conditional license, providing access to the U.S. market.
Fiscal 2008 Second Quarter Financial Results Highlights
Consolidated revenues for the six-month period ending December 31, 2007 totalled $12.4 million, a decrease of $1.2 million, or 9% from the $13.6 million recorded in the same period in Fiscal 2007.
The overall gross profit margin was 58% for the six-month period ending December 31, 2007 as compared to 57% for the same period last year.
Expenses before research and development totalled $8.8 million for the six months ending December 31, 2007, the same amount recorded in the same period in Fiscal 2007. Expenses include increased costs related to the Company’s education and awareness program focused on the dangers of E. coli O157:H7 and the importance of food and environmental safety.
Gross research and development expenses were $7.2 million for the six-month period ending December 31, 2007. This is unchanged from the same period in Fiscal 2007. The majority of these costs can be attributed to the ongoing Phase III clinical program with Urocidin(TM) in bladder cancer.
The basic net loss per share for the six-month period ending December 31, 2007 was ($0.13), compared to a net loss per share of ($0.14) recorded in the same period last year.
“It is important to note that despite some going concern with our cash position, our commercial operations continue to perform nicely,” said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. “We are well positioned and committed to execute a strategic partnership transaction related to the financing of our bladder cancer therapy, Urocidin(TM), at the earliest opportunity.”
To participate in the teleconference, call 416-644-3418/toll-free 1-800-731-6941.
www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2167660www.cnw.ca/fr/webcast/viewEvent.cgi?eventID=2167660
A replay of the conference call will be available until February 19, 2008 by calling (416) 640-1917 or toll-free 1-877-289-8525 (passcode: 21262743 followed by the number sign).
The web cast will be available for replay using the above links until May 12, 2008.
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 200 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. Bioniche has been named one of Canada’s Top Ten Life Sciences Companies for 2008. 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 & Government Relations Director, Bioniche Life Sciences Inc.,
Telephone: (613) 966-8058, Cell: (613) 391-2097, Jennifer.Shea@Bioniche.com
