BELLEVILLE, ON,
Aug. 1, 2011 /PRNewswire/ - Bioniche
Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based,
technology-driven Canadian biopharmaceutical company, today
announced that it will not proceed with the proposed
acquisition comprising the business and assets of Plasvacc Holdings
Limited (Plasvacc) as previously announced on July 4, 2011. The parties have failed to reach
agreement on definitive transaction documents and have terminated
discussions under their letter of intent in connection with the
transaction.
"We are disappointed that we could not
successfully conclude this acquisition," said Graeme McRae, Chairman, President & CEO of
Bioniche Life Sciences Inc. "However, this outcome does not affect
our intentions to selectively acquire rights to
commercially-important animal health products and technologies, one
of the stated uses of proceeds for our C$28.9 million concurrent financings in
Canada and Australia completed earlier this year. A
number of other potential acquisitions are currently under
consideration."
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based,
technology-driven Canadian biopharmaceutical company focused on the
discovery, development, manufacturing, and marketing of proprietary
products for human and animal health markets worldwide. The
fully-integrated company employs more than 200 skilled personnel
and has three operating divisions: Human Health, Animal Health, and
Food Safety. The Company's aims to develop and commercialize
proprietary and innovative products for human and animal
health.
The Animal Health division - Bioniche Animal
Health - develops, manufactures and markets animal health
biopharmaceutical products worldwide. It has product development,
manufacturing and marketing facilities in Belleville, Ontario, Canada; marketing and
production facilities in Athens,
Georgia, U.S.A.; Pullman,
Washington, U.S.A.; and Armidale, New South Wales, Australia. The Australian
business is conducted from two sites: Melbourne, Victoria, where sales and marketing, customer
support and technical service are located; and Armidale,
New South Wales, where production
(manufacturing facility, farm/research and development facility) is
located.
Bioniche Life Sciences Inc. has been named one
of the Top 50 Best Small and Medium-Sized Employers in Canada for 2010. 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.