BELLEVILLE, ON,
May 29, 2013 /CNW/ - Bioniche Life
Sciences Inc. (TSX: BNC) (ASX: BNC) ("Bioniche"), today announced
that its Board of Directors ("Board"), with the advice of legal
counsel, has carefully reviewed the purported "second requisition"
by Bill Wells and Greg Gubitz for a shareholders' meeting to
replace the Board of Bioniche. The Bioniche Board has concluded
that: (i) the delivery of the "second requisition" is tacit
acknowledgement that the first requisition was defective; and (ii)
the "second requisition" does not require Bioniche to call a
special shareholders meeting under the Canada Business
Corporations Act as a record date has been fixed and published
for a scheduled meeting of shareholders.
The Bioniche Board also carefully considered the
appropriate timing for a shareholder meeting and concluded that a
meeting in accordance with the normal cycle is in the best
interests of the shareholders and the Company, as it allows
shareholders time to consider the issues associated with a
contested Board election while not disrupting the important
initiatives under way to divest the Animal Health business, as well
as allowing time for the Company to address its financial
requirements and to re-partner Urocidin™. Accordingly, the Bioniche
Board has determined to proceed with the scheduled meeting date of
November 5, 2013.
Counsel to Wells and Gubitz have advised that
they intend to bring a Court application to require an earlier
meeting. The Bioniche Board has determined to oppose that
application.
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
and innovative 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 One Health. The Company's primary goal is to
develop and commercialize products that advance human or animal
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.