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BELLEVILLE, ON, Sept. 23, 2014 /CNW/ - Bioniche Life Sciences Inc. ("Bioniche" or the "Company") (TSX: BNC), a late stage biotechnology company, has closed its previously announced equity offering (the "Offering") of 25,070,000 units (the "Units") priced at $0.23 per Unit for total proceeds of $5,766,100, including the over-allotment option, which was fully exercised by the Agents (as defined below) concurrently with the completion of the Offering. Each Unit consists of one common share (a "Common Share") and one-half of a warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.30 for a period of 60 months from the date hereof.

The Units were issued pursuant to an agency agreement between the Company and Dundee Securities Ltd., as lead agent, Clarus Securities Inc. and Euro Pacific Canada Inc. (collectively, the "Agents") on a best efforts basis. Bloom Burton & Co. Inc. was appointed by the Agents as a selling group member. In connection with the Offering, the Agents received a cash fee equal to 7% of the gross proceeds realized by the Company and compensation options exercisable to purchase, in the aggregate, that number of Common Shares which is equal to 7% of the number of Units issued pursuant to the Offering at a price of $0.29 per Common Share, for a period of one year from the date hereof. After deducting the Agents' cash fee and other expenses, the Company's net proceeds from the Offering are approximately $5.27 million.

The net proceeds of the Offering will be used by the Company to complete the filing with the United States Food & Drug Administration of a Biologics License Application ("BLA") for our lead program Mycobacterium phlei cell wall-nucleic acid complex ("MCNA") for the treatment of patients with high grade non-muscle invasive bladder cancer that have failed Bacillus Calmette-Guérin ("BCG") therapy, and for general corporate purposes.

Commenting on the funding of the Offering, Dr. Michael Berendt, CEO & Chief Scientist, declared: "This financing, along with our current cash reserves, allows us to focus on our primary goal which is to file the BLA for MCNA in the first quarter of next year.  There is a significant unmet medical need for new, non-surgical treatment options for patients who have failed BCG treatment, and we will do everything in our power to ensure that we advance MCNA towards commercialization in the United States.  Concurrently, we have initiated a partnering process and are actively engaging with interested parties who share our excitement about the potential approval and commercialization of MCNA in the United States and globally."

The final short form prospectus is available at www.sedar.com, at www.Bioniche.com, or by contacting the Company.

The securities offered under the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any securities laws of any state of the United States, and may not be offered or sold directly or indirectly in the United States or to, or for the account or benefit of, a "U.S. Person" (as defined in Regulation S under the U.S. Securities Act) absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable securities laws of any state of the United States. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or to, or for the account or benefit of, a "U.S. Person", nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Bioniche

Bioniche Life Sciences Inc. is a late clinical stage Canadian biopharmaceutical company focused on the licensing/acquisition, 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 contains forward-looking statements, including, without limitation, the intended use of proceeds from the Offering, that reflect the Company's current expectations regarding future events. These forward-looking statements involve risk and uncertainties, which may include, 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. Bioniche does not undertake to update any forward-looking statement or forward-looking information that is included herein, except in accordance with applicable laws.

SOURCE Bioniche Life Sciences Inc.

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