Bioniche Life Sciences Inc. Reacts to Canadian Federal Budget
BELLEVILLE, ON, March 26, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today provided its reaction to last week's Canadian Budget 2013.
The Company is encouraged to see the Canadian government expressing support for business innovation, to allow Canadian companies to become more competitive in global markets.
Federal Economic Development Agency for Southern Ontario
The Company was pleased to see the federal government's continuing investment in the Federal Economic Development Agency for Southern Ontario. As a southern Ontario-headquartered business, Bioniche Life Sciences Inc. has benefited from this program in the form of a $750,000 investment in the creation of a pilot-scale fermentation facility adjacent to the Company's Animal Health and Food Safety Vaccine Manufacturing Centre in Belleville, Ontario. As successful animal health or food safety vaccine candidates are identified and evaluated, they are brought into this new facility for development, scale-up and preparation for commercial-scale manufacturing.
"The Canadian government's renewed funding for this program, combined with an allocation for a new Advanced Manufacturing Fund in Ontario, is a positive sign for a manufacturing-oriented company like ours," said Mr. Graeme McRae, President & CEO, Bioniche Life Sciences Inc.
Fostering Business Innovation; Market Access is Critical
The Company was also pleased to see the federal government's plan to invest $121 million over two years in the National Research Council (NRC) to help the growth of innovative Canadian businesses. Bioniche Life Sciences Inc. has benefited from the NRC's Industrial Research Assistance Program (IRAP) for early-stage research and development projects. Continuing federal support for the NRC and for companies that invest in R&D leading to commercialization of Canadian science and the creation and retention of high-value jobs in Canada is very positive.
"Bioniche remains committed to commercializing new products from Canada - whether they be for animal health, human health or one health (addressing zoonotic diseases that affect humans)," added Mr. McRae. "Government support for innovative Canadian companies with a mission to take products through the development cycle and commercialize them from Canada is welcome and Bioniche will continue to strongly advocate for policies that support market access for its Canadian discoveries."
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.