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Blue Blogging Soapbox
...rambling rants, thoughts and musings on mostly political topics - from your late night blogger.

Monday, September 26, 2005

TPC - Dingwall and Bioniche 
(en francais)


Press release from Bioniche regarding the ongoing Technoscam TPC program "compliance" issues.
Bioniche in Good Standing with Technology Partnerships Canada (TPC)

-- TPC a contributor to two major Bioniche projects --

BELLEVILLE, ON, Sept. 26 /CNW/ - Bioniche Life Sciences Inc. (TSX: BNC),
a research-based, technology-driven Canadian biopharmaceutical company, todayconfirmed its good standing with Technology Partnerships Canada (TPC), a special operating agency of Industry Canada, in the face of questions by the federal government about how the funding was obtained.

Bioniche Life Sciences Inc. was awarded two contracts (repayable loans)
with TPC in 2001, for:

1. The development and commercialization of an E. coli O157:H7 vaccine.
TPC has agreed to contribute $7.6 million Cdn. to this project.

2. Projects relating to the Company's proprietary Mycobacterial
Cell Wall technologies. TPC has agreed to contribute $9.6 million
Cdn. to this project.

The Company utilized consultants to assist in the application for funds, which was a complicated process due to the complexity of the projects. Industry Canada informed the Company on Friday, September 23, 2005 that the structure of compensation for these consultants did not conform to government rules and, accordingly, the Company was put in default under the program. As a result, the Company entered into a settlement with Industry Canada, whereby the Company will pay to the government an amount equal to the portionof the consultants' fees that were in dispute, plus costs of the audit, for a total amount of $463,974.71, plus interest. This has put the Company back in good standing under the program.
Mighty expensive clerical errors going on here.

Paul Synnott at 9:30 PM    | en francais | Go to Top|


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