Bioniche falls further into loss on rising R&D

Canadian drug developer Bioniche's net loss worsened to C$16.3 million ($15.7 million) in the full fiscal-year 2008, versus a net loss of C$14.8 million year-on-year, as rising R&D costs outweighed a marginal gain in revenues.

Sales rose only 0.7% to C$27.7 million, whereas R&D costs were up to C$15.9 million vs C$14.9 million. Loss per share improved, however, to C$0.26 from C$0.32, along with the firm's cash and cash equivalent assets, which were up to C$4.4 million vs C$1.5 million. On the other hand, total current assets had dropped to C$16.3 million as opposed to C$22.7 million in full-year 2007.