BELLEVILLE, ON, Nov. 7 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the first quarter of its 2009 fiscal year, ending September 30, 2008.
“Our revenues are up by 37% over the first quarter of Fiscal 2008,” said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. “A restructuring of the Animal Health team in the past year has invigorated the Company’s longest operating division, producing extraordinary growth across all product lines and all markets this quarter.”
The Company’s first quarter results are being reported on the heels of a significant milestone achievement: The granting of a full Canadian license for its E. coli O157 cattle vaccine, trademarked Econiche.
“Econiche is the world’s first licensed vaccine to reduce the shed of E. coli O157 by cattle and thus, reduce the potential contamination of the environment, food and water supplies,” said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. “Human exposure and infection with E. coli O157:H7 can result in serious health consequences, including abdominal pain and severe bloody diarrhea. In severe cases, kidney damage can occur and progress to serious complications and even death. We are seeing regular outbreaks of human infection, most recently in North Bay, Ontario and Niagara-on-the-Lake, Ontario, both related to food consumption at restaurants.”
Fiscal 2009 Financial Results Highlights
Consolidated revenues for the first quarter totaled $8.1 million, an increase of 37% from the $5.9 million recorded in the same period in Fiscal 2008.
The overall gross profit margin was 54.3% for the first quarter of Fiscal 2009, as compared to 57.6% for the same period in Fiscal 2008. Increased sales of products with lower gross profit margins, along with increased costs, contributed to this result.
Expenses totaled $4.3 million for the three months ending September 30, 2008, which compares to $4.1 million recorded in the same period last year.
Research and development expenses were $3.8 million for the 3-month period ending September 30, 2008, as compared to $3.6 million for the same period in Fiscal 2008. The majority of these costs can be attributed to the ongoing Phase III clinical program with Urocidin(TM) in bladder cancer.
The basic and fully-diluted loss and comprehensive loss per share for the first quarter of Fiscal 2009 was ($0.05), compared to a net loss per share of ($0.06) 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 a summary of recent milestones achieved and pending milestones. It outlined its financial situation, and strategies for generating additional finances for operations.
One new independent Director was appointed to the Board of Directors: Mr. Albert Beraldo. Mr. Beraldo is currently President & CEO of Alveda Pharmaceutical Inc. and has extensive knowledge of the industry. Mr. Beraldo has a long history with Bioniche Life Sciences Inc., having served as Director from 1984 to 2005 and as President & CEO of Bioniche Pharma Group Limited.
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
