Bioniche Reports Fiscal 2009 Second Quarter
- year-to-date revenues increase by 35% over same period in Fiscal 2008 -
(all figures are in Canadian dollars unless otherwise noted)
BELLEVILLE, ON, February 6, 2009 – Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for the second quarter of its 2009 fiscal year, ending December 31, 2008.
“We have experienced another strong quarter of increased revenues in our Animal Health Division,” said Patrick Montpetit, Chief Financial Officer of Bioniche Life Sciences Inc. “We experienced strong growth in every jurisdiction and across all product lines.”
Q2, Fiscal 2009 Financial Results Highlights
Consolidated revenues for the second quarter totaled $8.6 million, an increase of 32% from the $6.5 million recorded in the same period in Fiscal 2008.
The overall gross profit margin was 60% for the second quarter of Fiscal 2009, as compared to 58.5% for the same period in Fiscal 2008.
Expenses before research and development totaled $4.7 million for the three months ending December 31, 2008, which compares to $4.6 million recorded in the same period last year.
Research and development expenses were $3.3 million for the 3-month period ending December 31, 2008, as compared to $3.7 million for the same period in Fiscal 2008. The majority of these costs can be attributed to the ongoing Phase III clinical program with UrocidinTM in bladder cancer and the EconicheTM vaccine development program.
The basic and fully-diluted loss and comprehensive loss per share for the second quarter of Fiscal 2009 was ($0.03), compared to a net loss per share of ($0.07) recorded in the same period last year.
Year-to-Date Financial Results Highlights
On a year-to-date (six-month) basis, consolidated revenues have increased to $16.7 million, as compared to $12.4 million in Fiscal 2008, an increase of 35%. Considering cost of goods sold, the overall gross profit margin was 57.5% for the period, as compared to 58.1% in Fiscal 2008. Increased sales of lower profit margin products contributed to this result.
Expenses before research and development totaled $9.0 million in the six months ended December 31, 2008. This compares to $8.8 million in the same period last year. Although expenses remained relatively stable, they have actually reduced when viewed as a percentage of sales, given the strong six-month sales performance.
Research and development expenses were $7.1 million in the first six months of Fiscal 2009, as compared to $7.1 million in the same period last year.
The basic and fully-diluted loss and comprehensive loss per share for the six months ending December 31, 2008 was ($0.08), compared to a net loss per share of ($0.13) recorded in the same period last year.
Total shares outstanding at December 31, 2008 were 71,160,544, as compared to 62,171,540 at December 31, 2007.
“During this period of global economic uncertainty, the Company is taking internal steps to preserve its cash flow, while working diligently to find new capital investments,” said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. “Management believes that the successful conclusion of a partnership deal related to its bladder cancer therapy - Urocidin - is the best means to enhance shareholder value.”
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. The fully-integrated company employs approximately 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company’s primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche has been named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2009. For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company’s current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company’s ongoing quarterly and annual reporting.
For further information, please contact:
Patrick Montpetit, CA Chief Financial Officer
Bioniche Life Sciences Inc.
Telephone: (514) 697-6636
Jennifer Shea, Vice-President, Communications, Vice-President and Investor & Government Relations
Bioniche Life Sciences Inc.
Telephone: (613) 966-8058
Cell: (613) 391-2097