icnmgrjill
05-04-2006, 09:03 AM
Bioniche Sells Proprietary Cystitis Product for $10 Million Cdn.
One of the most popular IC treatments in Canada and Europe has been sold by it's founding company, Bioniche, for a startling small sum of $10 million dollars, apparently to raise revenue to support trials for other, more promising, products.
I've been in contact with company representatives who have assured me that this will not effect the availability of Cystistat for patients throughout the world.
Jill
BELLEVILLE, ON, May 3 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has entered into a definitive agreement to sell its
proprietary sodium hyaluronate product, Cystistat(R), to Bioniche Teoranta of County Galway, Ireland, for $10 million Cdn. Bioniche Teoranta is part of the Bioniche Pharma Group, which was sold by Bioniche Life Sciences to an investor group led by RoundTable Healthcare Partners earlier this year.
"The sale of Cystistat is part of our corporate strategy to focus our
resources and energy on our key strategic priorities, including the Phase III
trials for Urocidin (MCC) in bladder cancer and the licensing of our E. coli
O157:H7 cattle vaccine, which is in the U.S. regulatory pathway," said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "Our robust research and development and commercialization capabilities enable us to capitalize on proprietary technologies in a variety of ways to maximize value for our stakeholders."
About Cystistat
Cystistat is made from sodium hyaluronate (hyaluronic acid), one of the
Company's platform technologies. Cystistat is indicated for the temporary
replacement of the glycosaminoglycan (GAG) layer in the bladder. There is
evidence that the GAG layer of the bladder is deficient in conditions known as cystitis, a syndrome of acute or chronic origin. This deficiency contributes to the clinical symptoms in diseases such as interstitial cystitis (IC), as well as cystitis caused by infections, trauma, urolithiasis, urinary
retention, neoplasia and radiation induced cystitis. Treatment with Cystistat
has been shown to alleviate clinical symptoms in patients with several of
these conditions. Cystistat is registered and marketed as a medical device in Canada and Europe. The product generated sales revenues of $3.7 million Cdn. in fiscal 2005.
One of the most popular IC treatments in Canada and Europe has been sold by it's founding company, Bioniche, for a startling small sum of $10 million dollars, apparently to raise revenue to support trials for other, more promising, products.
I've been in contact with company representatives who have assured me that this will not effect the availability of Cystistat for patients throughout the world.
Jill
BELLEVILLE, ON, May 3 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has entered into a definitive agreement to sell its
proprietary sodium hyaluronate product, Cystistat(R), to Bioniche Teoranta of County Galway, Ireland, for $10 million Cdn. Bioniche Teoranta is part of the Bioniche Pharma Group, which was sold by Bioniche Life Sciences to an investor group led by RoundTable Healthcare Partners earlier this year.
"The sale of Cystistat is part of our corporate strategy to focus our
resources and energy on our key strategic priorities, including the Phase III
trials for Urocidin (MCC) in bladder cancer and the licensing of our E. coli
O157:H7 cattle vaccine, which is in the U.S. regulatory pathway," said Graeme McRae, President & CEO of Bioniche Life Sciences Inc. "Our robust research and development and commercialization capabilities enable us to capitalize on proprietary technologies in a variety of ways to maximize value for our stakeholders."
About Cystistat
Cystistat is made from sodium hyaluronate (hyaluronic acid), one of the
Company's platform technologies. Cystistat is indicated for the temporary
replacement of the glycosaminoglycan (GAG) layer in the bladder. There is
evidence that the GAG layer of the bladder is deficient in conditions known as cystitis, a syndrome of acute or chronic origin. This deficiency contributes to the clinical symptoms in diseases such as interstitial cystitis (IC), as well as cystitis caused by infections, trauma, urolithiasis, urinary
retention, neoplasia and radiation induced cystitis. Treatment with Cystistat
has been shown to alleviate clinical symptoms in patients with several of
these conditions. Cystistat is registered and marketed as a medical device in Canada and Europe. The product generated sales revenues of $3.7 million Cdn. in fiscal 2005.