- revenues for the year - including licensing payments - total $45.9 million -
(all figures are in Canadian dollars unless otherwise noted)
Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced financial results for its 2010 fiscal year ended June 30, 2010.
"Fiscal 2010 represents a banner year for our Company, in which we executed a license, development and supply agreement for our proprietary product, Urocidin(TM), for the treatment of non-muscle-invasive bladder cancer," stated Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "The up-front payment of US$20 million, combined with three milestone payments received to date totaling US$14 million, and revenues from animal health product sales, have resulted in total revenues of $45.9 million."
"The loss per share was reduced from $0.15 in Fiscal 2009 to $0.02 this year," added Mr. McRae.
Bioniche has the potential to receive up to US$110 million in payments associated with the achievement of certain clinical, regulatory and commercial milestones under the license agreement with Endo Pharmaceuticals Inc. (NASDAQ: ENDP). Future milestones will be announced as they are achieved and, with its exclusive manufacturing supply contract, Bioniche will also receive a net-sales-based revenue stream upon product approval.
Urocidin(TM) is a patented intravesical formulation of Mycobacterial Cell Wall-DNA Complex (MCC) developed by Bioniche for the treatment of non-muscle-invasive bladder cancer that is currently undergoing Phase III clinical testing. As reported by the Company on August 19, 2010, a protocol for an additional clinical trial - expected to begin enrolling patients in 2010 - is currently being finalized. Details of this new protocol, when finalized, will be made publicly available via the U.S. National Institutes of Health clinical trial registration service at http://www.clinicaltrials.gov. Concurrently, 12-month data from the ongoing U.S. Food and Drug Administration (FDA) Phase III registration trial with Urocidin(TM) for non-muscle-invasive bladder cancer refractory to current therapy are undergoing thorough analysis. This process is expected to be completed in the near-term.
More information on the Company's year-end financial results is provided in the Company's Fiscal 2010 Management's Discussion and Analysis dated September 9, 2010.
Fiscal 2010 Financial Results Highlights
Consolidated revenues related to Bioniche Animal Health product sales for the fiscal year were $27 million, as compared to $33 million in Fiscal 2009. This 19% decrease is primarily attributed to the economic recession in some markets, which impacted the sales of livestock reproduction products and performance horse products. In spite of these recessionary challenges, the Animal Health business unit continued to generate Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). It should be noted that this is before Research and Development expenditures of $8.6 million, as compared to $12.2 million in Fiscal 2009.
The increase in the value of the Canadian dollar versus the U.S. dollar over the course of the fiscal year also contributed to the decline in revenues over Fiscal 2009.