BELLEVILLE, ON,
Dec. 11, 2013 /CNW/ - Bioniche Life
Sciences Inc. (TSX: BNC, ASX: BNC), a research-based,
technology-driven Canadian biopharmaceutical company, today
announces that the Australian Securities Exchange (ASX) has
approved the Company's application to delist from the official list
of the ASX subject to certain usual conditions.
The conditions include the requirement to
communicate to all holders of CHESS Depositary Interests (CDIs)
advising of the date of intended delisting and the method by which
they may sell their securities on the Toronto Stock Exchange (TSX),
including the steps that must be undertaken to convert their CDIs
to Common Shares. It is anticipated that the information document
setting out this information will be sent to CDI holders in late
December.
The Company announced its intention to delist on
December 1, 2013 due to the very low
level of trading on the ASX, the small number of CDIs remaining,
and the significant liquidity for Bioniche shares on the TSX. As a
result of the delisting, the Company expects to realize a savings
in administrative and compliance obligations which will result in
cost savings.
Following the delisting, Bioniche Common Shares
will continue to trade on the TSX.
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.