BELLEVILLE, ON, Dec. 11, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC, ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announces that the Australian Securities Exchange (ASX) has approved the Company's application to delist from the official list of the ASX subject to certain usual conditions.
The conditions include the requirement to communicate to all holders of CHESS Depositary Interests (CDIs) advising of the date of intended delisting and the method by which they may sell their securities on the Toronto Stock Exchange (TSX), including the steps that must be undertaken to convert their CDIs to Common Shares. It is anticipated that the information document setting out this information will be sent to CDI holders in late December.
The Company announced its intention to delist on December 1, 2013 due to the very low level of trading on the ASX, the small number of CDIs remaining, and the significant liquidity for Bioniche shares on the TSX. As a result of the delisting, the Company expects to realize a savings in administrative and compliance obligations which will result in cost savings.
Following the delisting, Bioniche Common Shares will continue to trade on the TSX.
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 and innovative products for human and animal health markets worldwide. The fully-integrated company employs more than 200 skilled personnel and has three operating divisions: Human Health, Animal Health, and One Health. The Company's primary goal is to develop and commercialize products that advance human or animal health and increase shareholder value.
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.
SOURCE Bioniche Life Sciences Inc.