Improved Financial Position For Bioniche

Bioniche Inc of Canada has announced significantly improved financial results for the first quarter ended September 30, 1996. Sales jumped 103.8% to C$1.5 million ($1.1 million). The net loss fell 43.8% to C$588,745, with a net loss per share of $0.02.

Al Chiasson, the firm's president and chief executive, said: "Bioniche's improved financial performance during the quarter was primarily the result of strong sales growth in sterile injectable drugs manufactured by our Teoject division." The firm also continued to benefit from increased contract manufacturing, as well as growing revenues for Cystistat, which is approved in Canada for the treatment of interstitial cystitis.

Significant Achievements Mr Chiasson said there were a number of significant achievements in the quarter. A 10-year licensing contract was signed with Sanofi Winthrop Canada, giving it exclusive distribution rights in Canada for the Bioniche pharmaceutical product line. And as part of the firm's expansion into the US market, Bioniche signed an agreement to manufacture sterile products for Hope Pharmaceuticals of California.