BELLEVILLE, ON & MONTRÉAL, Oct. 19 /PRNewswire/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology driven Canadian biopharmaceutical company, today announced that one of its major shareholders - the Fonds de solidarité FTQ - has converted the remainder of its Series 2 Preferred Shares to Common Shares. The total number of Common Shares issued to the Fonds de solidarité FTQ is 6,521,677.
The initial investment in Bioniche Life Sciences Inc. was made in November, 2004, with the Fonds de solidarité FTQ investing $10 million and the Bio-Food Investment Fund investing $2 million, both in Series 2 Preferred Shares. The Fonds de solidarité FTQ has since acquired the Bio-Food Investment Fund's participation. The Fonds de solidarité FTQ converted 25% of its holding in June, 2007. This latest conversion represents the remainder of the holding.
"Bioniche continues to appreciate the support of the Fonds de Solidarité FTQ as the Company grows and evolves," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc.
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 products for human and animal health markets worldwide. The fully-integrated company employs approximately 211 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. 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.