This is a press release!
Post Traumatic Stress Disorder Identified as Major New Market Opportunity for BNC210
Dec. 8, 2015
It is estimated that approximately 8 million Americans, or 3.5% of the US population, suffer PTSD at any given time. Similarly, an estimated 1 million Australians experience PTSD in any year, and 12% of Australians will experience PTSD during their lifetime.
A substantial additional market opportunity for BNC210 has been identified and will be developed via a Phase 2 trial funded by a US$12m placement Data supporting the use of BNC210 for PTSD will significantly enhance partnering potential and the value created for BNO shareholders The placement of US$12m, following the Merck and Co. Inc, (MSD) investment, reflects increasing interest from US investors as BNO builds greater visibility in the USAustralian drug development company Bionomics Limited (ASX:BNO, OTCQX:BNOEF) will launch a key Phase 2 trial of its novel anxiety drug BNC210 as a treatment for post-traumatic stress disorder (PTSD), following a US$12 million private placement to US institutional investors.
The new trial is expected to begin in the first half of 2016, with patients to be recruited at several trial sites in Australia and New Zealand. All patients enrolled will have experienced severe trauma, including war, natural disasters or have been involved in serious accidents.
The program will be funded with a US$12 million Private Placement to four US institutional investors.
Under the placement 40,207,472 shares will be issued at A$0.408 per share with attaching 40,207,472 warrants to purchase shares at A$0.5938 per share (the same price as the MSD investment), of which 16,082,988 warrants will be subject to shareholder approval at a shareholder meeting to be held early in 2016. Roth Capital Partners acted as the sole US Placement Agent in the transaction.
The Board recommends that shareholders vote to approve the issue of the warrants. The Board further advises that individual Board members will vote their shareholdings in favour of the issue of the warrants.
Bionomics CEO and Managing Director Dr Deborah Rathjen said all existing data indicated that BNC210, which is currently in trial to treat Generalised Anxiety Disorder, could be an effective therapy for PTSD patients.
read more here