BELLEVILLE, ON, May 29, 2013 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC) (ASX: BNC) ("Bioniche"), today announced that its Board of Directors ("Board"), with the advice of legal counsel, has carefully reviewed the purported "second requisition" by Bill Wells and Greg Gubitz for a shareholders' meeting to replace the Board of Bioniche. The Bioniche Board has concluded that: (i) the delivery of the "second requisition" is tacit acknowledgement that the first requisition was defective; and (ii) the "second requisition" does not require Bioniche to call a special shareholders meeting under the Canada Business Corporations Act as a record date has been fixed and published for a scheduled meeting of shareholders.
The Bioniche Board also carefully considered the appropriate timing for a shareholder meeting and concluded that a meeting in accordance with the normal cycle is in the best interests of the shareholders and the Company, as it allows shareholders time to consider the issues associated with a contested Board election while not disrupting the important initiatives under way to divest the Animal Health business, as well as allowing time for the Company to address its financial requirements and to re-partner Urocidin™. Accordingly, the Bioniche Board has determined to proceed with the scheduled meeting date of November 5, 2013.
Counsel to Wells and Gubitz have advised that they intend to bring a Court application to require an earlier meeting. The Bioniche Board has determined to oppose that application.
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.