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          August 25, 2010
August 20, 2010
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Corporate News ReleaseBioniche Files Final Short-Form Prospectus for Offering of Units
02/03/07 BELLEVILLE, ON, March 2, 2007 – Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has filed a final short-form prospectus with each of the provincial securities regulatory authorities of Canada with respect to an offering of $16 million of units at a price of $1.20 per unit. Each unit consists of one common share in the capital of Bioniche and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the Company at a price of $1.40 per share for a period of two years from the closing of the offering. The offering is being made pursuant to an underwriting agreement between the Company and Haywood Securities Inc. and Desjardins Securities Inc. The Company has granted to the underwriters an over-allotment option to acquire an additional 15% of the Offering for a period of 30 days following closing, for market stabilization purposes and to cover over-allotments. In addition to a commission of 7%, the underwriters will also receive compensation warrants to purchase, for a period of two years at the Offering prices, 7% of the units, shares, or warrants issued pursuant to this Offering and the over-allotment option, if exercised. It is expected that approximately 13.33 million common shares will be issued at the closing of the Offering. If the over-allotment option is exercised in full, this would increase to approximately 15.33 million common shares. The estimated net proceeds to the Company from the Offering will be approximately $14,180,000, after deducting the Underwriters’ Fee and the estimated expenses of the Offering ($16,412,000 if the over-allotment option is exercised). The Company intends to use approximately $10 million of the estimated net proceeds for the advancement of its Phase III trials with Mycobacterial Cell Wall-DNA Complex (MCC) in the treatment of non muscle-invasive bladder cancer while the Company seeks a strategic collaboration to fully fund such trials (as the proceeds will not be sufficient to complete the trials), approximately $500,000 to further the registration of the E. coli O157:H7 cattle vaccine, and the balance for the continued development of the Company’s other products and technologies and for working capital and general corporate purposes. The offering is subject to receipt of applicable regulatory and stock exchange approvals. The issuance of the securities being offered has not been and will not be registered under the United Stated Securities Act of 1933, as amended, or any state security laws, and thus may not be offered or sold within the United States unless registered under the United States Securities Act of 1933 and applicable state securities laws, or an exemption from such registration is available. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or to U.S. persons. ###
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