BELLEVILLE, ON, Feb. 12 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology driven Canadian biopharmaceutical company, today announced that it has met the obligations associated with two milestones under its licensing agreement with Endo Pharmaceuticals (Nasdaq: ENDP) for exclusive rights to develop and market Bioniche's proprietary product for non-muscle-invasive bladder cancer in North America. The achievement of these milestones triggers a total payment of US$8 million to Bioniche from Endo.
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Endo Pharmaceuticals has also elected to exercise its option for exclusive rights to develop and market the product globally. As a result of the decision, Endo will all assume all external development expenses for the product.
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"We are pleased with this decision by Endo," stated Graeme McRae, Chairman, President and CEO of Bioniche Life Sciences Inc. "We look forward to ongoing collaboration in addressing the global market opportunity for our bladder cancer product, as well as effectively completing the clinical development program and achieving product registrations in global jurisdictions."
Under the licensing agreement, Bioniche has the potential to receive a total of US$110 million in payments associated with the achievement of certain clinical, regulatory and commercial milestones. The achievement of the first milestone of US$6 million was announced by the Company in November 2009. Future milestones will be announced as they are achieved and, with its exclusive manufacturing supply contract, Bioniche will also receive a net-sales-based revenue stream upon product approval.
Bioniche's patented intravesical formulation of Mycobacterial Cell Wall-DNA Complex (MCC) developed for the treatment of non-muscle-invasive bladder cancer (Urocidin(TM)) is undergoing a U.S. Food and Drug Administration (FDA) fast tracked Phase III registration study of the product for the treatment-refractory indication. Future plans to further develop Urocidin(TM) are being defined and will be disclosed by Endo.
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 approximately 190 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2009. 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.
