Bioniche spins out human health subsidiary

Bioniche Life Sciences Inc, Belleville ON, is creating a wholly own subsidiary from its core human health technology to attract external investment and boost the value of the corporation. Bioniche Therapeutics Corp will function as a standalone unit with its own CEO and will seek external revenues through private equity or licensing income derived from Urocidin, its flagship late-stage therapeutic bladder cancer product.The global rights to Urocidin were returned to Bioniche earlier this year by Endo Pharmaceuticals, Chadds Ford PA after it discontinued its Phase III clinical trial. Uridicin's development was assisted with a $9.6-million repayable loan from Technology Partnerships Canada (now Industry Canada's Industrial Technologies Office)….