BELLEVILLE, ON, Sept. 19 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for its 2008 fiscal year ended June 30, 2008.
“A highlight of the fiscal year was the announcement in $25 million of non-dilutive financing for the scale-up of our E. coli O157 vaccine manufacturing,” noted Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. “This was achieved through the support of Canadian and Ontario government programs and the Business Development Bank of Canada. The scale-up is now underway, with engineering drawings completed, detailed design initiated and equipment on order.”
Fiscal 2008 Financial Results Highlights
Consolidated revenues for the fiscal year increased by 0.7% to $27.7 million, as compared to $27.5 million in Fiscal 2007. Increased sales of animal health products in the U.S. and Europe contributed to this increase. The overall gross profit margin was 57% this fiscal year as compared to 55.6% in Fiscal 2007.
Expenses before research and development totalled $17.7 million for the 12 months ending June 30, 2008, which compares to $18.5 million recorded in the same period last year. This decrease of $0.8 million, or 4%, reflects a reduction in interest and deferred financing fees.
Gross research and development (R&D) expenses increased $1.0 million in Fiscal 2008, reaching $15.9 million compared to $14.9 million in Fiscal 2007. The majority of these costs can be attributed to the ongoing Phase III clinical program for the Company’s Urocidin(TM) bladder cancer therapy and the E. coli O157 cattle vaccine development program.
The basic and fully-diluted net loss per share for Fiscal 2008 was ($0.26) compared to a net loss per share of ($0.32) in Fiscal 2007.
Earnings before interest, taxes, depreciation, amortization and foreign exchange were $1.3 million, no change from Fiscal 2007.
“We continue to work toward North American registrations for our E. coli O157 vaccine while advancing discussions with potential marketing partners for our proprietary bladder cancer therapy, Urocidin,” added Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. “Meeting milestones with regard to these initiatives will, we believe, greatly enhance shareholder value in Bioniche.”
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, Vice-President,
Communications, Investor & Government Relations, Bioniche Life Sciences
Inc., Telephone: (613) 966-8058, Cell: (613) 391-2097,
Jennifer.Shea@Bioniche.com
