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Bioniche cuts annual loss Add to ...

Bioniche Life Sciences Inc. , an animal health and bladder cancer drug developer, reports its net loss for the 2010 fiscal year fell to nearly $1.6-million or two cents a share from $10.5-million or 15 cents a year earlier.

Annual revenues rose to $45.9-million from $33.3-million, the eastern Ontario company said Friday.

"Fiscal 2010 represents a banner year for our company, in which we executed a licence, development and supply agreement for our proprietary product, Urocidin, for the treatment of non-muscle-invasive bladder cancer," said Graeme McRae, chairman, president and CEO of Bioniche.

"The up-front payment of $20-million (U.S.), combined with three milestone payments received to date totalling $14-million, and revenues from animal health product sales, have resulted in total revenues of $45.9 million."

Bioniche said it has the potential to receive up to $110-million in payments associated with the achievement of certain clinical, regulatory and commercial milestones under the licence agreement with Endo Pharmaceuticals Inc.

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