Healthcare company Bionomics Limited stopped showing any momentum on ASX today, 28 September 2018.
In a market announcement dated 28 September 2018, Australian Securities Exchange confirmed that securities of Bionomics Limited are placed in trading halt, at company’s request. The move comes after the company requested for a trading halt to its securities from the start of the day, pending an announcement to be released in the market.
The halt in trading of Bionomics securities is reportedly placed to avoid the sell and buy of BNO shares in an uninformed market as the company is due to announce the results of RESTORE trial. It is a Phase 2 clinical trial focused on assessing the efficacy and safety of BNC210 for the treatment of patients with post-traumatic stress disorder (PTSD). Tracking down the previous progress, it was seen that the Phase 2 clinical trial was fully recruited by the company on 11 April 2018.
Under the BNC210 RESTORE trial, biopharmaceutical company Bionomics aimed to register up to 192 adult patients diagnosed with post-traumatic stress disorder at sites across Australia and the United States. The primary endpoint of this study includes a reduction in PTSD symptoms while the secondary endpoints are focused on decrease in symptoms of anxiety and depression.
Let’s understand what is BNC210?
BNC210 is a therapeutic drug candidate which has been developed for the treatment of anxiety, trauma and stress related disorders. BNC210 is reported to have a better endurability compared to other existing drugs as it is a first-in-class negative allosteric modulator of the alpha-7 nicotinic acetylcholine receptor.
This was the brief information about the ongoing Phase 2 clinical trial of BNC210 for PTSD treatment, the results of which are due to be released shortly. The trading halt in Bionomics’ securities are said to be in place until the earlier of 2 October 2018 or the release of market announcement as stated above.
The annual general meeting of the company is due to be held on 14 November 2018. It is said to transact the business on election of Directors. In the recently announced statutory results for the year ended 30 June 2018, Bionomics posted reduction in top line delivering greater loss for the fiscal year 2018. The revenue for FY18 has gone to $3.95 million from $18.81 million in previous year, FY17. Net loss after tax rose from $6.75 in FY17 million to $25.08 million in FY18. No dividend was recognized or declared as in line with company’s dividend policy.
After hitting 2.913% downswing, the share price of Bionomics Limited last traded at $0.500 on 27 September 2018. The stock has seen a performance change of +8.70% over the past one year but its share price has fallen by 2.91% in the last three months.
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