BELLEVILLE, ON, Nov. 9 /PRNewswire-FirstCall/ - Bioniche Life SciencesInc. (TSX: BNC), a research-based, technology-driven Canadianbiopharmaceutical company, today announced financial results for the firstquarter of its 2008 fiscal year, ending September 30, 2007.
"We are also focused on the successful completion of a marketingpartnership deal for Urocidin - our bladder cancer therapy, while executingour Phase III clinical program, the first trial of which continues to recruitpatients at 25 centres in the U.S. and Canada," said Graeme McRae, President &CEO of Bioniche Life Sciences Inc. "We also continue to be focused onobtaining a full Canadian license for our E. coli O157:H7 cattle vaccine,while seeking an opportunity to clarify statistical analysis methodology withour U.S. regulator."
Fiscal 2008 First Quarter Financial Results Highlights
Consolidated revenues for the first quarter totaled $5.9 million, adecrease of 23% from the $7.7 million recorded in the same period in Fiscal2007. A one-time promotion of a leading animal health product contributed tohigher revenues for the first quarter last year, an event that was notrepeated this year.
The overall gross profit margin was 58% for the first quarter of Fiscal2008, as compared to 59% for the same period in Fiscal 2007.
Expenses totaled $4.1 million for the three months ending September 30,2007, which compares to $3.8 million recorded in the same period last year.This increase of $0.3 million, or 8%, primarily reflects additional staff,increased expenditures on E. coli O157:H7 development and awareness programand some necessary salary increases.
Gross research and development expenses remained stable at $3.6 millionfor the 3-month periods ending September 30, 2007 and September 30, 2006respectively. The majority of these costs can be attributed to the ongoingPhase III clinical program in bladder cancer and expenditures on the E. coliO157:H7 development program.
The basic net loss per share for the first quarter of Fiscal 2008 was($0.06), compared to a net loss per share of ($0.07) recorded in the sameperiod last year.
Annual Meeting Highlights
At the Company's Annual and Special Meeting of Shareholders yesterdayafternoon in Toronto, Ontario, the Company provided an update on its Phase IIIclinical program with Urocidin in bladder cancer and its E. coli O157:H7vaccine program. In the first Phase III trial involving refractory bladdercancer patients treated with Urocidin, it was reported that the Data SafetyMonitoring Committee is satisfied with the progress of the trial and thatrecruitment of the 105 patients should be completed by mid-2008. With its E.coli O157:H7 vaccine, Bioniche is in the process of building industryawareness about this bacterium and in support of sales to high profile earlyadopters.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-drivenCanadian biopharmaceutical company focused on the discovery, development,manufacturing, and marketing of proprietary products for human and animalhealth markets worldwide. The fully-integrated company employs approximately195 skilled personnel and has three operating divisions: Human Health, AnimalHealth, and Food Safety. The Company's primary goal is to develop proprietarycancer therapies supported by revenues from marketed products in human andanimal health. For more information, please visit www.Bioniche.com.
Except for historical information, this news release may containforward-looking statements that reflect the Company's current expectationregarding future events. These forward-looking statements involve risk anduncertainties, which may cause, but are not limited to, changing marketconditions, the successful and timely completion of clinical studies, theestablishment of corporate alliances, the impact of com