BELLEVILLE, ON,
April 3, 2014 /CNW/ - Bioniche Life
Sciences Inc. (TSX: BNC) today announced that it has successfully
monetized two non-core properties for net proceeds in excess of
$1 million.
Over the past several months, the Board of
Directors and management team have developed and have been
implementing a strategic expenditures review which included
identifying and divesting non-core assets. The sale of the property
adjacent to the Company's Belleville,
Ontario corporate headquarters to Hospice Quinte and the
just-concluded sale of a commercial property in Pointe-Claire, Quebec will generate net
proceeds that will extend the Company's operating runway and reduce
ongoing operating expenses.
"As promised to shareholders, we are continuing
to explore cost savings opportunities and operational efficiencies
across the organization and we will implement all such initiatives
that are feasible," said Mr. Donald
Olds, COO of Bioniche Life Sciences Inc. "We are also
focused on ensuring the longest possible financial runway for our
human therapeutics operations following the sale of the Animal
Health business."
A proposed Animal Health sale transaction is
being voted on by Bioniche shareholders at a special meeting on
April 14, 2014. Dr. Michael Berendt, CEO, stated: "I am encouraging
all Bioniche shareholders to exercise their voting rights in
support of the proposed sale of Animal Health. This transaction
will permit us to repay an expensive US$30
million debt facility coming due July
1st and allow us to focus on creating shareholder value by
focusing on a single mission - developing, expanding, and
monetizing our human health portfolio, with Urocidin™ for
bladder cancer as our key, anchor asset."
Additional information on the proposed Animal
Health sale transaction, including information on how shareholders
can exercise their vote, can be found on the Company's website
www.Bioniche.com or by contacting the Company directly.
Hospice Quinte
Hospice Quinte has been occupying part of the
Bioniche property on a leased basis since 2009, when it established
the "Bioniche Hospice Quinte Centre" in Belleville, Ontario. This Centre is utilized
for administrative and day programs, including the training of
volunteers.
"Bioniche has been a proud partner of Hospice
Quinte for the past five years, and we are pleased to have been
able to arrive at a mutually agreeable transaction that gives this
important organization much-needed space for future expansion,"
added Dr. Berendt.
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.
