- will be delisted then extended as unlisted warrants to May 12, 2009 -
BELLEVILLE, ON, Feb. 17 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. , a research-based, technology-driven Canadian biopharmaceutical company, announced today that it will extend the expiration date of the up to 8,203,334 common share purchase warrants issued as part of a unit offering that closed in March, 2007. 7,676,554 of these warrants, currently listed for trading on the TSX , will be delisted following their original expiration date of March 13, 2009. At that time, the Company will extend the expiration date of the warrants to May 12, 2009, subject only to the filing of final documentation with the Toronto Stock Exchange (TSX).
Each common share purchase warrant entitles the holder to purchase a common share at an exercise price of $1.40 per share.
The expiry date on a further 1,027,308 broker warrants will also be extended by 60 days to May 12, 2009. These are exercisable for units, each consisting of one Bioniche common share and one-half of a warrant to purchase a Bioniche common share at $1.20 per unit.
"Our Board of Directors took this decision to allow additional time for the investors in Bioniche to evaluate the Company's ongoing progress in achieving its stated objectives, in particular, addressing its near-term capital needs," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "The Board is of the opinion that recent market conditions have depressed the value of both the common shares and the common share purchase warrants. Advance notice of this extension fairly treats current and prospective warrant investors and is in conformance with TSX regulations."
The extension will not apply to warrants held by insiders of the Company.
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: Jennifer Shea, Vice-President, Communications, Investor &
Government Relations, Bioniche Life Sciences Inc., Telephone: (613)
966-8058, Cell: (613) 391-2097, Jennifer.Shea@Bioniche.com