Bioniche Life Sciences puts Irish unit up for sale

Bioniche Life Sciences Inc, Belleville ON, is placing its majority stake in Bioniche Pharma Group Ltd, Galway Ireland, to generate revenue to support the parent’s R&D projects. The announcement was made as the firm announced its financial results for fiscal 2005, ending June 30. If a buyer is secured, Bioniche will use the proceeds to fund Phase III trials for its compound for bladder cancer and license its E.coli vaccine for cattle. Bioniche’s 2005 revenue was $30.3 million, a 2% decrease from 2004. The Irish manufacturing operation contributed $18.6 million, down from $24.6 million in 2004. R&D expenses increased 11.6% to $12.8 million, less $1 million in government incentives. Bioniche recently repaid nearly $465,000 to Technology Partnerships Canada (TPC) following revelations that it had paid lobbyist and former Liberal Cabinet minister David Dingwall $350,000 to secure support for its R&D projects. The resolution means Bioniche will receive the remaining $2 million of its $17.2 million in TPC assistance….