Loss Increases As Bioniche Expands R&D

Expansion of Bioniche of Canada's R&D program resulted in a net loss for the six-month period ended December 31, 1994, of C$2.6 million ($1.8 million), compared with a loss of C$975,607 in the like, year-earlier period. Sales were C$696,119, down from C$1.3 million a year earlier. The decline was due to comparative sales in 1993 including one-time bulk export tender sales of C$785,000.

R&D expenditure in the first half was C$1.5 million, up 76%. Bioniche is currently enrolling patients in a Phase II/III clinical trial to evaluate Regressin (mycobacterial cell wall extract) as a treatment for bladder cancer, and a Phase II trial to evaluate the product's effect on prostate cancer is being expanded to include three additional centers.

The company is anticipating "significantly improved results" in future quarters.