On November 24, 2014 Bioniche Life Sciences Inc. (TSX: BNC PNK:BNHLF) reported the accomplishment of another major milestone in the execution of its strategic plan to become a focused late stage human therapeutics company with near term commercial potential. Effective immediately, the Company will begin operating under its new corporate name and identity, Telesta Therapeutics Inc (Press release, Telesta Therapeutics, NOV 25, 2014, View Source [SID:1234510522]).
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Along with this name change, the Toronto Stock Exchange (TSX) will be initiating a ticker in the next week to TSX:TST from TSX:BNC. This ticker change will be automatic and will be seamless for all current and future investors. All previously issued securities remain fully legal and valid.
Commenting on this new corporate brand, Dr. Michael Berendt, Chief Executive Officer and Chief Scientist noted that: "Our decision to implement this corporate rebranding comes on the heels of our achievements over the last 12 months to implement a concrete plan to focus our company on what we believe to be our core value driver – the commercialization of MCNA1 for the treatment of high-grade non-muscle invasive bladder cancer patients who have failed BCG therapy. This has meant the divestment of two non-core businesses, the sale of unproductive assets and the reduction of corporate overhead through a significant workforce reduction and global expenditure review. With many of those objectives achieved, it is now appropriate to move forward with a new brand and to be much more aggressive in our delivery of the new Telesta story and opportunity to our two key audiences – potential strategic and commercial partners and current and future investors."
Telesta Therapeutics will be announcing the launch of its new website in the weeks to come.