Wells and Gubitz Pre-Revenue Stage Company
".... The announced plan to sell the Animal Health business will fundamentally change Bioniche. The company will cease to have sales revenue and cash flow. It will have been converted into a pre-revenue stage biotech company with substantial ongoing operating costs, limited capital reserves and an extended time before any meaningful revenues can be generated....."
(TORONTO, June 10, 2013 /CNW/ – Today the group of concerned shareholders of Bioniche Life Sciences Inc. (“Bioniche”) led by William (Bill) M. Wells, former Chief Executive Officer of Biovail Corporation, and Greg Gubitz, former General Counsel and Senior Vice President of Corporate Development at Biovail Corporation (the “Concerned Shareholders”), commented on the recently announced Bioniche distressed financing)