BELLEVILLE, ON,
March 13, 2014 /PRNewswire/ -
Bioniche Life Sciences Inc. (TSX: BNC) today held a conference call
and audio webcast for its shareholders, at which time, Company
representatives provided several corporate updates. The corporate
presentation used during today's call/webcast is available on the
Company's website (www.Bioniche.com) under Investors - Corporate
Presentations.
Sale Transaction of Bioniche Animal Health to
Vétoquinol
The Company outlined some of the terms of the
sale transaction, the full details of which are available in the
share purchase agreement filed on www.SEDAR.com.
The transaction is subject to approval by
Bioniche shareholders at a Special Meeting on April 14, 2014 at 9:00
a.m. in Toronto, Ontario.
If approved, the transaction could close on or about April 15, 2014. The Management Information
Circular related to this meeting is now available on www.SEDAR.com
and will be mailed to shareholders during the week of March 24, 2014. All shareholders are encouraged
to vote in person or by proxy. Voting instructions will be
contained in the Circular.
The Circular contains additional information
about the proposed transaction, including a pro-forma perspective
of the Company's financial position following the close of the deal
and a fairness opinion from from specialized Canadian investment
bank, Bloom Burton & Co.
"The Board of Directors and management of
Bioniche Life Sciences Inc. believe it is in the best interests of
the Company for shareholders to approve the proposed sale
transaction to Vétoquinol," stated Dr. Michael Berendt, CEO of Bioniche Life Sciences
Inc.
Vision for the Future
If the sale transaction is successfully
concluded, the Company will have approximately 15 months of cash
available to support its remaining business, which will ultimately
be exclusively focused on human therapeutics with Urocidin™
for bladder cancer as the lead asset. The Company's global
commercialization strategy for Urocidin™ is very much
partnership-driven, and strategic partnering and licensing
agreements will be sought to provide financing for further clinical
and regulatory work that may be required for commercialization.
Beyond Urocidin™, the Company will be looking for line
extensions or therapeutic combinations that will further extend the
value of the product and its underlying MCNA technology.
The Company will also be seeking out additional
clinical stage or near-clinical stage therapeutic assets that can
be brought into the business to broaden the human health portfolio
and build on the Company's existing strengths in biologics,
manufacturing and oncology.
Replay of Conference Call/Webcast
A replay of today's conference call will be available until
March 20, 2014 at midnight by calling
1-855-859-2056 (passcode: 7767236).
Today's webcast will be available for replay
using the following link until March 13,
2015:
http://event.on24.com/r.htm?e=761997&s=1&k=061B492D7BD50C4151A38BCBB36EC027
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a clinical stage
Canadian biopharmaceutical company focused on the discovery,
development, manufacturing, and marketing of proprietary and
innovative therapies for the global human health market. The
Company's primary goal is to develop and commercialize products
that advance human health and increase shareholder value. 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.
SOURCE Bioniche Life Sciences Inc.
