BELLEVILLE, ON, Apr. 19, 2010 (Canada NewsWire Group) -- /CNW/ -- Bioniche Life Sciences Inc. (TSX: BNC), a research-based, technology-driven Canadian biopharmaceutical company, today announced that it has received an investment of $750,000 from the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The announcement was made by Daryl Kramp, MP for Prince Edward Hastings, on behalf of The Honourable Gary Goodyear, Minister of State responsible for FedDev Ontario.
The investment will support the development of a pilot-scale fermentation facility as part of the Company's Animal Health and Food Safety Vaccine Manufacturing Centre, currently under construction at the Belleville facility. The Company's research activities are focused mainly on small-scale, bench-top experiments. In order to scale-up the associated processes, a facility is required that houses pilot-scale fermentation equipment and downstream processing. The FedDev Ontario funding will provide such a facility.
"This investment will help stimulate the local economy as we recover from the economic recession," said Mr. Kramp. "The pilot-scale fermentation facility will allow the development of advanced technologies for global markets and create employment in the advanced manufacturing sector in Southern Ontario."
"The pilot-scale fermentation facility will be a critical add-on to our new state-of-the-art Vaccine Manufacturing Centre in Belleville," said Graeme McRae, Chairman, President & CEO of Bioniche Life Sciences Inc. "As successful animal health or food safety vaccine candidates are identified and evaluated, they will be brought into this new facility for development, scale-up and preparation for commercial-scale manufacturing."
FedDev Ontario was created as part of the Canada's Economic Action Plan to support economic and community development, innovation, and economic diversification, with contributions to communities, businesses and non-profit organizations in southern Ontario.
About Bioniche Life Sciences Inc.
Bioniche Life Sciences Inc. is a research-based, technology-driven Canadian biopharmaceutical company focused on the discovery, development, manufacturing, and marketing of proprietary products for human and animal health markets worldwide. The fully-integrated company employs approximately 190 skilled personnel and has three operating divisions: Human Health, Animal Health, and Food Safety. The Company's primary goal is to develop proprietary cancer therapies supported by revenues from marketed products in human and animal health. Bioniche was named one of the Top 50 Best Small and Medium-Sized Employers in Canada for 2009. For more information, please visit www.Bioniche.com.
Except for historical information, this news release may contain forward-looking statements that reflect the Company's current expectation regarding future events. These forward-looking statements involve risk and uncertainties, which may cause, but are not limited to, changing market conditions, the successful and timely completion of clinical studies, the establishment of corporate alliances, the impact of competitive products and pricing, new product development, uncertainties related to the regulatory approval process, and other risks detailed from time to time in the Company's ongoing quarterly and annual reporting.