Clarification of Bioniche Experiences Increased Trading Activity
BELLEVILLE, ON, Sept. 27 /PRNewswire-FirstCall/ - Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology driven Canadian biopharmaceutical company, has noted substantial share trading volume and share price increase over recent days. Management believes that this market activity is driven by expectation of a disclosure concerning its U.S. Food and Drug Administration (FDA) Phase III Fast Track clinical trial with Urocidin(TM) a product for non-muscle-invasive bladder cancer that is refractory to current first-line therapy. Such disclosure is expected to become available within the next several weeks.
This clinical trial involves the use of an intravesical formulation of a patented mycobacterial cell wall composition: Mycobacterial Cell Wall-DNA Complex (MCC), known as Urocidin(TM) (or "EN3348") for treatment-refractory non-muscle-invasive bladder cancer. The trial completed recruitment of patients in March, 2009, with the last patient reaching his/her one-year assessment this spring. Data compilation has been ongoing since that time, with the Company's development partner, Endo Pharmaceuticals Inc., conducting detailed analyses of the data. Such analyses are still ongoing.
The Company's development partner is the party responsible for oversight of the Urocidin(TM) clinical development program. Status updates on the program and future plans to further develop Urocidin(TM) are being defined and will be disclosed by Endo.
It was announced on August 19, 2010 that the parties are finalizing a protocol for an additional clinical trial - expected to begin enrolling patients in 2010.
About Bladder Cancer
In North America, bladder cancer is the fourth most common cancer in men and is in the top ten for women. In the United States, approximately 70,000 patients are newly diagnosed with bladder cancer each year and 500,000 living patients have been affected. The cancers of many of the previously-diagnosed patients remain unresolved, sometimes leading to cystectomy (bladder removal) or death. Approximately 70 percent of bladder cancer patients have the non-muscle-invasive form of bladder cancer and, on appropriate regulatory approvals, might be eligible for multiple treatments with Urocidin(TM).
Non-muscle-invasive bladder cancer is a form of bladder cancer localized in the surface layers of the bladder that has not yet spread into the deeper muscle layer. This form of bladder cancer is treated predominantly by urologists using surgical resection and intravesical infusion therapy. Urocidin(TM) is an intravesical infusion therapy, administered via trans-urethral catheter into the bladder.
Under the licensing agreement, Bioniche received an up-front payment of US$20 million in July, 2009, and has the potential to receive a total of US$110 million in payments associated with the achievement of certain clinical, regulatory and commercial milestones. Four development milestones have been achieved by the Company since November, 2009, resulting in total payments of US$19 million. Future milestones will be announced as they are achieved and, with its exclusive manufacturing supply contract, Bioniche will also receive a net-sales-based revenue stream upon product approval.
About Urocidin(TM)
Urocidin is a formulation of MCC, a sterile mycobacterial cell wall-DNA complex composition that has a dual mode of action: immune stimulation and direct anticancer activity. Urocidin is formulated for the treatment of bladder cancer, where it is administered by trans-urethral catheter directly into the bladder, coming into contact with immune system cells and bladder cancer cells. Industry Canada's Industrial Technologies Office (formerly Technology Partnerships Canada) has contributed to the development of Bioniche's mycobacterial cell wall technologies by means of a C$9.6 million loan to be repaid from sales.
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.
