July 10, 2009 / 1:55 PM / 9 years ago

UUPDATE 1-Bioniche inks licensing agreement with Endo

* Potential for additional payments of up to $110 mln

* Bioniche shares up 21.7 pct in early trade (In U.S. dollars unless noted)

TORONTO, July 10 (Reuters) - Canada’s Bioniche Life Sciences Inc (BNC.TO) said on Friday that Endo Pharmaceuticals (ENDP.O) has licensed from Bioniche exclusive rights to develop and market its Urocidin treatment in the United States with an option for global rights.

Urocidin, a bladder cancer treatment, is currently undergoing phase III clinical testing.

Cash-strapped Bioniche said recently it was in the process of addressing short-term liquidity issues through a number of activities, including a licensing agreement for Urocidin.

“We are very excited about the potential returns to Bioniche and its shareholders following commercialization of Urocidin,” Bioniche Chief Executive Graeme McRae said in a statement.

Endo will pay Bioniche an upfront cash payment of $20 million, with the potential for up to $110 million in additional payments linked to the achievement of future clinical, regulatory, and commercial milestones, the companies said in a joint statement.

Bioniche will manufacture the product and receive a transfer price for supply.

Shares of Bioniche rose 21.7 percent to 56 Canadian cents on the Toronto Stock Exchange on Friday morning following the announcement.

    $1=$1.16 Canadian Reporting by Euan Rocha; editing by Peter Galloway

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below