Further to BioPharma sale
Bioniche Retains Blackmont Capital to Assist in the Sale of its Pharma Business Unit
07:00 EDT Tuesday, October 04, 2005
BELLEVILLE, ON, Oct. 4 /CNW/ - Bioniche Life Sciences Inc., a research-based, technology-driven Canadian biopharmaceutical company (TSX:BNC), today announced that it has retained the services of Blackmont Capital Inc. (formerly known as First Associates) to assist in the sale of its majority ownership stake (65%, fully-diluted) in Bioniche Pharma Group Limited, a business unit of the Company.
The Company announced the decision to sell its stake in Bioniche Pharma on September 28, 2005. The Pharma business unit was established by Bioniche Life Sciences in 1992 as a means of generating revenue to support the Company's strategic research and development projects.
At this point in its development, Bioniche Pharma requires continued investment to reach its full potential, and Bioniche Life Sciences is seeking a strategic partner who will be willing to commit ongoing resources to grow this business. Bioniche Life Sciences will focus its resources on two key research and development projects that are nearing fruition. These projects are: the Phase III clinical trial with the Company's proprietary Mycobacterial Cell Wall-DNA Complex (MCC) for bladder cancer and the licensing of its E. coli O157:H7 vaccine for cattle.