Former Biovail Executives Issue Open Letter To Bioniche Board

TORONTO, April 22, 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 sent the following letter to the Bioniche 
board of directors: 
VIA E MAIL 
April 19, 2013 
To:          James Rae 
         Chairman, Bioniche Life Sciences Inc. ("Bioniche") 
We are writing this open letter representing a group of concerned shareholders 
that together own in excess of 5% of Bioniche's outstanding common shares. 
These shares were acquired for investment purposes. 
As you know, members of our group executed the extremely successful turnaround 
of Biovail Corporation and subsequent merger with Valeant Pharmaceuticals 
International Inc., thereby creating billions of dollars in shareholder value 
for Biovail's shareholders. Together we have decades of experience in the Life 
Sciences industry and in fixing troubled businesses. Our track record of 
creating value for shareholders is clear. 
Just as clear is the dismal record of Bioniche's management and board of 
destroying shareholder value. Bioniche has a consistent history of annual 
losses, with not one year of positive earnings - ever. The share price has 
lost over 96% of its value since 1996. The following chart is a clear 
demonstration of the record of Bioniche's management and board. 
Bioniche History of Annual Losses and Share Price Decline.pdf 
Despite this obvious failure, the same CEO has managed the company throughout 
this period. The board has failed in its duty. Bioniche's long suffering 
shareholders deserve better. 
Our group first contacted you in the summer of 2012 to offer our advice and 
provide tangible solutions to fix the company. We believed then and believe 
now that there is considerable potential for Bioniche to become a very 
successful Canadian Life Sciences company. Despite multiple contacts with the 
management and board, our best efforts to help Bioniche were stalled and 
dismissed. 
Bioniche today is in dire straits. The company is unfocused, over indebted, 
burning cash and running out of reserves. The track record of management and 
the board indicates that preserving existing shareholder value, much less 
generating gains in shareholder value, is unlikely. We now believe the only 
way to resolve this impasse and generate the action Bioniche desperately needs 
is to engage in an open dialogue with all shareholders. We intend to publish 
this letter in order to begin that dialogue. 
As significant shareholders of Bioniche we are aware of our rights and the 
various steps available to us to ensure no further value is destroyed at the 
company. We caution the board not to take any further measures to entrench the 
board or management or impair shareholder value in violation of their 
fiduciary duties and responsibilities to shareholders. 
Sincerely, 
William (Bill) M. Wells - former CEO Biovail Corporation 
Greg Gubitz - former General Counsel and Senior Vice President of Corporate 
Development Biovail Corporation 
Greg Gubitz 416.624.6568 greg@grosvenorventures.com 
Bill Wells bill@evizone.com 
PDF available at:  
http://stream1.newswire.ca/media/2013/04/22/20130422_C7311_DOC_EN_25826.pdf 
SOURCE: William (Bill) M. Wells and Greg Gubitz 
To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/April2013/22/c7311.html 
CO: William (Bill) M. Wells and Greg Gubitz
ST: Ontario 
-0- Apr/22/2013 12:00 GMT
 
 
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