BNC Surges On Milestone Royalty Payments For Bladder Cancer Drug
Bioniche Life Sciences (TSE:BNC) surged 50.00% up to $1.05 on news the Canadian based biopharmaceutical company has met two major milestones under its licensing agreement with Endo Pharmaceuticals: Bioniche will receive royalties totalling US$8 million for rights to their drug therapeutic treatment of non-muscle-invasive bladder cancer, Urocidin, in North America. Furthermore, Endo Pharmaceuticals will execute its exclusive licence to develop and market the drug worldwide, and Endo will all assume the development expenses for the product.
In July 2009, Bioniche entered into a venture deal with Endo Pharmaceuticals valued at $20 million, to develop and market the cancer drug. The terms of the agreement projected additional payments of up to $110 million.
Headquartered in Belleville, Ontario, Bioniche Life Sciences Inc is a technology and research-based biopharmaceutical company conducting research, development and commercialization of biopharmaceuticals for human and animal health, along with projects in food safety.
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