Clarification to my post(s)re "milestones" usage and meaning in the paragraph I copied to my post at 8:10pm last night entitled
"Key statement found on PDF".
It is most likely (if not for sure on second read) that the word "milestones" is being used in the context of achieving strategic events or by the dictionary meaning
"significant points in development" in the paragraph I referenced in my post. And,
notthe milestone related payments usage associated with the Endo/Bioniche Urocidin agreement as I thought on first read.
I have "copied & pasted" the doc (below) from the site so you can see. I have also highlighted the paragraph I referenced in the doc. The web site with the PDF (and webcast) is:
https://www.brr.com.au/
Would not want to mislead anyone so I'm up early writing this post. Up anyways, as woke up startled with something telling me in my head I likely goofed-up.
And, on that note, a
"thousand" apologises to all the readers.
rg
Note: the following is copied from a PDF and more difficult to do so hope the formatting is fine. And, the date on the following is not incorrectly copied...that is how it reads.
Canadian Pharmaceutical Company Bioniche raises
A$12.5 million and lists on Australian Securities Exchange
Concurrent Australian and Canadian Offers raise total proceeds of C$29.4 million
BELLEVILLE,ON, 27th January 2011 – Bioniche Life Sciences Inc. (TSX: BNC), a research based,Technology driven Canadian biopharmaceutical company, today announced that it has successfully completed its Australian offer raising A$12.5 million and has listed on the Australian Securities Exchange, with the code “BNC”.
Bioniche’s Australian Offer of 8.6 million CHESS Depositary Instruments (CDIs) at A$1.45 per CDI, raised gross proceeds of A$12.5 million. This is in addition to the C$16.7 million raised through a concurrent Canadian Offer of 11.5 million Common Shares at C$1.45 per Share that closed on December 16, 2010. Total proceeds from the two Offers are approximately C$29.4 million (approx A$29.9 million) based on a January 3, 2011 exchange rate of C$1.021 per A$.
Bioniche now has 100.3 million Common Shares issued and outstanding, of which 8.6 million will be represented by an equal number of CDIs to allow Australian shareholders to trade their shareholding through the Australian CHESS system. This represents a market capitalization of C$150.5 million (approx A$153.4 million), based on a December 31, 2010 closing price of C$1.50 per Share. A total of 20.1 million new Common Share equivalents will be issued from treasury pursuant to the two concurrent Offers.
The funds raised from the Australian Offer, and a concurrent Canadian Share Offer, will be used to expand Bioniche’s current manufacturing capacity for Urocidin™, its late stage (Phase III) product targeting bladder cancer, support development of other products in the Company’s human and animal health pipeline, including a field trial required for full US license of Econiche™, a food safety vaccine to prevent the spread of E. coli O157, and acquire new products and technologies with a strategic fit.
Graeme McRae, the Australian born Chairman, President & CEO of Bioniche says the Company is very pleased with the interest shown by Australian institutional and retail investors, as well as with the continued support from the Canadian market.
“We have had tremendous support for the Offers, both in Australia and in Canada. The listing on the ASX provides Australian investors a unique opportunity to invest in a life science company with strong existing revenues and a promising late stage product pipeline. Our proven track record in discovering and commercializing new products has been one of the reasons behind the strong investor interest: Bioniche has a portfolio of over 60 products for the global animal health market and has been listed on the Toronto Stock Exchange since 1992.
“We are also soon expecting to reach a number of near term milestones, including sharing results of a Phase III clinical trial for our therapeutic targeting human bladder cancer (Urocidin™) that continues its Phase III clinical program with a US commercial partner. We believe this is a much needed therapy, with bladder cancer being the fourth most common cancer in men and the eleventh most common in women in the United States and no new effective therapeutic option in over 35 years."
For the commercialisation of its bladder cancer drug, Urocidin™, Bioniche has entered into a global license, development and supply agreement with Endo Pharmaceuticals Inc, a subsidiary of Endo Pharmaceuticals Holdings Inc. (NASDAQ: ENDP) (Endo), a US based
leading specialty healthcare solutions company.
Bioniche has also developed the first vaccine to help prevent the spread of E. coli O157 from cattle into the food supply. This is approved for use in Canada and a US conditional license is pending. The Company plans to conduct a field trial to support a full license application in the US, followed by license applications in Australia, Europe and Latin America.
Ends
For further information, please contact:
Kyahn Williamson
Buchan Consulting
T: (613) 9866 4722
M: (613) 401 01 8828
E:
Jennifer Shea, VicePresident,
Communications, Investor & Government Relations
Bioniche Life Sciences Inc.
T: (613) 9668058
M: (613) 3912097
E: Jennifer.Shea@Bioniche.com