Bioniche Life Sciences Inc, Belleville ON, is placing its majority stake in Bioniche Pharma Group Ltd, Galway Ireland, to generate revenue to support the parent’s R&D projects. The announcement was made as the firm announced its financial results for fiscal 2005, ending June 30. If a buyer is secured, Bioniche will use the proceeds to fund Phase III trials for its compound for bladder cancer and license its E.coli vaccine for cattle. Bioniche’s 2005 revenue was $30.3 million, a 2% decrease from 2004. The Irish manufacturing operation contributed $18.6 million, down from $24.6 million in 2004. R&D expenses increased 11.6% to $12.8 million, less $1 million in government incentives. Bioniche recently repaid nearly $465,000 to Technology Partnerships Canada (TPC) following revelations that it had paid lobbyist and former Liberal Cabinet minister David Dingwall $350,000 to secure support for its R&D projects. The resolution means Bioniche will receive the remaining $2 million of its $17.2 million in TPC assistance….