|By PR Newswire||
|March 13, 2014 06:06 PM EDT||
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:
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.