Bioniche's fiscal 2007 loss widens as sales rise

Canadian drugmaker Bioniche Life Sciences says that its consolidated revenues for the fiscal year ended June 30, 2007, increased 3% on the year-ago period, to C$27.5 million ($27.5 million), versus $26.7 million in fiscal 2006, as the overall gross profit margin totaled 56% vs 57%. During the period, expenses totalled C$18.5 million vs C$19.6 million, a decrease which includes a drop in interest on long-term debt and other interest associated with the refinancing and repayment of the company's debt. Gross R&D costs rose 16% to C$14.9.0 million, largely due to the start of a Phase III pivotal trial with Urocidin (mycobacterial cell wall-DNA complex) in bladder cancer patients whose condition is unresponsive to the current standard therapy.

However, the firm's basic net loss per share totaled C$0.32 compared to C$0.03 in fiscal 2006, which was bolstered by a gain of C$0.47 per share from discontinued operations.

Graeme McRae, chief executive of Bioniche, said that, among other things, the firm is focused on the completion of a marketing partnership deal for its bladder cancer technology, while executing its Phase III clinical program with Urocidin and planning for early-stage studies to support the use of its MCC technology in other cancers.