Bionomics - Novel mechanisms in drug discovery
We are re-initiating coverage on Bionomics, a pharmaceutical company developing drugs for neuropsychiatric indications and oncology. It has leveraged its ionX and MultiCore development platforms to identify BNC210, a drug with a novel anxiolytic mechanism currently in Phase IIb for post-traumatic stress disorder (PTSD). It has also leveraged this platform with partner Merck to target cognitive dysfunction associated with Alzheimer’s disease, in a deal worth US$506m in milestones plus royalties. We re-initiate with a valuation of A$418.7m or A$0.87 per share.Bionomics is a clinical stage biopharmaceutical company. Co utilizes its proprietary platform technologies to discover and develop a pipeline, drug candidates focused on the treatment of central nervous system disorders and on the treatment of cancer. Co.'s key drug candidate BNC210, which for the treatment of generalized anxiety disorder, is a proprietary negative allosteric modulator of the alpha-7 nicotinic acetylcholine receptor. Co. also develops BNC101, which its lead humanized monoclonal antibody targeting a key receptor on cancer stem cells that is overexpressed in metastatic colorectal cancer, metastatic pancreatic cancer and many other solid tumors.
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