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Bioniche Repays Revolving Credit Facility
2009 AUG 3 - (NewsRx.com) -- Bioniche Life Sciences Inc. ("Bioniche"; TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, reported that it has received a US$20 million up-front payment from Endo Pharmaceuticals per the licensing agreement related to Urocidin™ (announced on July 10, 2009). The Company has used a portion of this payment to repay its credit facility with Valens U.S. and associated fees, a total of US$5.3 million. The remainder of the payment will be used for general corporate purposes and working capital. "Valens has financed the Company through a challenging time of corporate development, helping the Company to advance its bladder cancer technology to Phase III clinical testing and its E. coli O157 vaccine - Econiche™ - to full Canadian license," said Graeme McRae, Chairman, President CEO of Bioniche Life Sciences Inc. "Their support has been invaluable." Keywords: Biopharmaceuticals, Cancer Vaccines, Drugs, Endo Pharmaceuticals Inc., Marketing and Licensing Agreements, Pharmaceutical Business, Pharmaceutical Company, Pharmaceuticals, Therapies, Bioniche Life Sciences Inc. This article was prepared by Biotech Business Week editors from staff and other reports. Copyright 2009, Biotech Business Week via NewsRx.com.
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