BELLEVILLE, ON, July 23, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today reported that the Superior Court of Justice - Ontario has rendered its decision with respect to the timing of a shareholder meeting. In his 30-page ruling, Justice Brown declined the application by a dissident shareholder group to compel a shareholder meeting and granted a declaration that the dissidents are not entitled to proceed with the meeting they called for August 27, 2013.
As a result, the Company will proceed with its scheduled shareholder meeting date of November 5, 2013.
The Company is pleased with this outcome, as it allows the meeting to proceed in accordance with the normal cycle. This allows shareholders time to consider the issues associated with a contested Board election and a proposed sale of the Animal Health business.
The Company plans to provide detailed information about its future plans, including its proposed Director candidates and details of a purchase offer for the Animal Health business, in a management information circular that will be distributed to all shareholders prior to the November meeting.
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 Food Safety. 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.