Bioniche seeking new financial resources

Bioniche Life Sciences Inc is seeking additional financial resources to accommodate "intensive resource allocations" devoted to several late-stage development projects, according to the Belleville ON-based firm's financial statements for Q2/13. The biopharmaceutical firm reported a 19% increase in quarterly sales from its animal health products to $8.8 million or $15.4 million on a year-to-date basis. But working capital is down significantly compared to the previous year. The firm incurred $3.2 million in financing expenses stemming from its US$20 million in debt financing from Royal Capital Partners. R&D expenses are down to $8.5 million for the first six months of 2013 compared to the same period last year. Earlier this year, Endo Pharmaceuticals, Chadds Ford PA, returned the global rights to Bioniche's Urocidin non-muscle-invasive bladder cancer drug after it discontinued its Phase III clinical trial. Bioniche is in discussions with potential new partners and is "actively strategizing around a new clinical plan to advance the product to registration"....