Bionomics Receives Over $6.5 Million Tax Refund To Its Kitty

Bionomics Limited

BIONOMICS LIMITED (ASX: BNO): A biopharmaceutical company that treats diseases like cancer, psychological disorders such as anxiety, depression and Alzheimer’s disease, has a vision to improve the lives of people who suffer from anxiety, depression, Post Traumatic Stress Disorder (PTSD) related pain and memory loss through effective treatment. The company is in its strong growth phase of the business cycle with a wide range of promising drugs for treating early to advanced stages of clinical developments. The company has a strong drug discovery platform including Multicore, their proprietary chemistry capability. The company strategically makes partnership with large pharmaceutical companies to get the drugs so that the same can be quickly made available in the market for usage.

The company has just announced about receiving an AUD$6,568,808 tax incentive refund for 2017-2018 financial year. The Australian Government is providing R&D tax incentive to the company. This encourages the companies to engage in research and development benefitting Australia, by providing a tax offset of up-to 43.5% for eligible R&D activities.

The company is working on a robust pipeline of future therapeutic candidates in its core CNS therapeutic areas and leveraging its proprietary technologies in the drug discovery process. With recent scientific developments several new targets from Bionomics’ early discovery efforts are now able to be further investigated.  It will now be trialled for treating agitation in elderly patients and the identification of additional CNS therapeutics for partnering/or internal development is taking place. This progress for the company however becomes important given the backdrop M&A activity within the industry and several acquisitions of companies within the Australian sector by large global players. For ASX listed companies this highlighted the value gap between market capitalisation and inherent value. Meanwhile, the company programs all target areas where there is a significant market opportunity attractive to both large Pharma and speciality CNS pharma companies.

FY 2018 marked a year of transition for the company to a pure CNS company. Moreover, through the Worldwide Patent Cooperation treaty, (PCT) mechanism, Bionomics and its related companies were granted a significant number of patents this financial year. 21 PCT patent applications entered the national and regional phases of examination. 2 PCT patent applications and 11 provisional patent applications were filed.  The company is into the discovery and development of novel drug candidates for the treatment of central nervous system disorders.

The oncology programs of the company are being looked for monetisation by an ongoing process that the company resorts to. The company shifted from its transition phase and moved towards a more focussed CNS disorders company. It believes that the outcome will be value accretive for the shareholders.

The company is currently trading at $ 0.125, market open on December 12, 2018. However, this was trading as high as 50 cents back in September 2018. However, in early October Bionomics announced the trial of its medication designed to treat Post Traumatic Stress Disorder which failed, post which the stock started underperforming and is maintaining the trend till date.

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The company has recently completed the Share purchase plan for eligible shareholders which closed on December 6, 2018.


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