Bioniche rallies on debt refinancing news

Stockhouse Editorial
0 Comments| July 5, 2013

Bioniche Life Sciences Inc. (TSX: T.BNC, Stock Forum) and Paladin Labs Inc. (TSX: T.PLB, Stock Forum) on Friday announced the official closing of the various agreements associated with a comprehensive strategic collaboration to refinance and increase Bioniche’s debt, provide new equity and enter into the first licensing deal for Bioniche’s Phase 111 bladder cancer project – Urocidin.

The closing of the deal has resulted in the issuance of a further $5 million in debt financing to Bioniche from Paladin, the companies said in a press release.

Bioniche rose 8% to 33 cents Friday, leaving the company with a market cap of $35 million, based on 105.4 million shares outstanding. The 52-week range is 69 cents and 18 cents.

Paladin was up 0.16% to $56.31, leaving a market cap of $1.16 billion, based on 20.6 million shares outstanding. The 52-week range is $58.25 and $39.01.

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