TORONTO , April 25, 2013 /CNW/ - Today a group of concerned shareholders of Bioniche Life Sciences Inc. ("Bioniche") led by William (Bill) M. Wells, former Chief Executive Officer of Biovail Corporation, and Greg Gubitz, former General Counsel and Senior Vice President of Corporate Development at Biovail Corporation, announced that they have formally requisitioned a special meeting of the shareholders of Bioniche in order to replace the company's board of directors.
The overwhelmingly positive reaction of our fellow shareholders to our open letter to the board has confirmed our view of the deep dissatisfaction of Bioniche's shareholders with the company's management and performance. As a reminder of that performance, we have republished at the end of this release the chart from our open letter demonstrating the dismal record of Bioniche's management and board.
Bioniche's board and management have no credibility given their consistent and continued failure to deliver on past promises in the face of a steady decline in the company's business and prospects and erosion of shareholder value.
We believe there is no alternative other than a fresh start. Bioniche's existing management and board have failed. We believe that Bioniche has potential to become a great Canadian life sciences company with the right leadership and proper business focus. It is time for new direction and new leadership.
Many of the Bioniche shareholders who contacted us have asked how we propose to turn the company around and improve the prospects of enhancing shareholder value. We look forward to answering these questions in detail as part of our solicitation of shareholder proxies leading up to the special shareholders meeting.
We trust the Bioniche board will act quickly to promptly call the special shareholders meeting so that the company's long-suffering shareholders can have their say.
SOURCE: William (Bill) M. Wells and Greg Gubitz
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