Friday, November 6th, 2009
Bioniche Life Sciences Q1 loss widens to $6.8M from $3.3 as sales dip
BELLEVILLE, Ont. - Bioniche Life Sciences Inc.'s (TSX:BNC) first-quarter loss more than doubled as revenues slightly dipped, the biotechnology company said Friday.
The company posted net income of $6.8 million or nine cents a share in the period ended Sept. 30. That compared with a year-earlier loss of $3.3 million or five cents a share.
It had revenues of $7.1 million, down from $8 million.
The Belleville, Ont.-company said it received a US$6 million payment from Endo Pharmaceuticals Inc. (Nasdaq:ENDP) as part of its multimillion-dollar deal to sell the exclusive right to develop and market its bladder cancer drug Urocidin in the United States.
The initial payment is part of the instalment from the up-front cash fee of US$20 million. The deal, which includes an option for global rights, has the potential to further US$110 million in additional payments based on clinical, regulatory and commercial milestones.
Shares of the company gained 3.5 cents to 46.5 cents during noon trading on the Toronto Stock Exchange.
