BELLEVILLE, ON, May 6 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the third quarter of its 2009 fiscal year, ending March 31, 2009.
“The year-to-date revenue growth of 23% percent in our Bioniche Animal Health business unit is very impressive in our current economic climate,” said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. “This base business has supported the Company’s research and development efforts for 30 years, and continues to do so.”
The Company is currently pursuing several financing alternatives including issuing additional debt, preferred or common equity, finding strategic financing partners and/or asset or segment dispositions, as a result of near-term liquidity requirements, the delays in completing a partnership deal to support its Phase III development program for Urocidin(TM) and finalizing the replacement of its existing revolving credit facility. Based on the current estimated cash requirements, there remains an immediate need to obtain additional financial resources before year-end.
Highlights of Financial Results - Q3 and Year-to-Date
For the three-month and nine-month periods ended March 31, 2009, consolidated revenues totaled $7.4 million and $24.1 million respectively, compared to $7.2 million and $19.6 million for the corresponding periods in Fiscal 2008. The increase in sales in the current quarter and year-to-date involved a variety of animal health product lines, including Folltropin(R)-V, Cue-mate(TM), Pregnecol and embryo transfer products where promotional efforts contributed to increased sales across numerous geographic locations.
For the three-month and nine-month periods ended March 31, 2009, gross profit as a percentage of sales totaled 55.8% and 56.9% respectively, compared to 57.8% and 58.2% for the corresponding periods in Fiscal 2008.
For the three-month and nine-month periods ended March 31, 2009, expenses before research and development totaled $4.1 million and $13.1 million respectively, compared to $4.3 million and $13.1 million for the corresponding periods in Fiscal 2008.
Expenses for the three-month and nine-month periods ended March 31, 2009 remained relatively constant. Expense activity in the current quarter and year-to-date reflects stable marketing and selling costs to support increased sales activity.
Overall administration expenses have decreased, reflecting the Company’s cost control measures introduced this fiscal year. This is offset by increased amortization of deferred financing and increased interest costs.
For the three-month and nine-month periods ended March 31, 2009, overall gross research and development expenses totaled $3.6 million and $10.6 million respectively, compared to $4.4 million and $11.6 million for the corresponding periods in Fiscal 2008. The majority of these costs can be attributed to the ongoing Phase III clinical program for the company’s Urocidin(TM) bladder cancer treatment and the E. coli O157 cattle vaccine development program.
For the three-month and nine-month periods ended March 31, 2009, basic and fully-diluted loss per share totaled ($0.04) and ($0.13) respectively, compared to losses of ($0.07) and ($0.20) for the corresponding periods in Fiscal 2008. Total shares outstanding at March 31, 2009 were 71,532,411, as compared to 65,564,779 at March 31, 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 the Top 50 Best Small and Medium-Sized Employers in Canada for 2009. 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
