Bioniche Life Sciences Inc. Continues to Execute on Strategic Review
BELLEVILLE, ON, April 3, 2014 /PRNewswire/ – 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
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(TM) 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 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
SOURCE Bioniche Life Sciences Inc.