Bioniche follows good FY, with promising new deal

Bellville ON-based Bioniche Life Sciences Inc has released its FY09 year-end results that show significant improvement in revenue generation as sales from its animal health products continue to rise. Sales for FY09 were up 21% to $33.3 million while gross R&D expenses declined 16.7% to $13.3 million. The majority of R&D was devoted to Phase III clinical trials for Bioniche's bladder cancer therapy and E.coli O157 cattle vaccine development program. Subsequent the year-end, Bioniche signed an agreement with Endo Pharmaceuticals Inc to market its bladder cancer drug in the US with an option for global rights. The agreement came with a US$20-million milestone payment….