Bionomics Limited (ASX: BNO, OTCQB: BNOEF), a global, clinical stage biopharmaceutical company, today released its Appendix 4C - Quarterly Cashflow Report. During the quarter and up to the date of this announcement:
On 6 April 2021, the Company announced the successful completion of its 1 for 6 pro rata non?renounceable Entitlement Offer and Concurrent Placement which collectively raised $22.9 million.
The Entitlement Offer raised $20.4 million and 140,924,683 million new fully paid ordinary shares in Bionomics (“New Shares”) were issued on 8 April 2021, at the offer price of $0.145 per New Share.
The Entitlement Offer was well supported by eligible shareholders who applied for approximately 85.6 million shares aggregating to $12.4 million of New Shares pursuant to their entitlements (representing a take up rate of approximately 60.7%).
Eligible shareholders subscribed for a further 70.3 million additional New Shares in excess of their entitlement (up to a maximum of 100% of their entitlement) aggregating to $10.2 million in excess of their entitlement through the Oversubscription Facility. Applications under the Oversubscription Facility were in excess of the approximately 55.3 million shares or $8 million shortfall and were scaled back in accordance with the terms of the Entitlement Offer on a pro rata basis.
The Concurrent Placement which was made on substantially the same terms as the Entitlement Offer raised $2.5 million and 17,228,346 million new fully paid ordinary shares in Bionomics (“New Concurrent Shares”) were issued on 8 April 2021, at the offer price of $0.145 per New Concurrent Share. New Concurrent Shares applied for under the Concurrent Placement were scaled back on a pro rata basis in the same manner as shareholders who applied under the Entitlement Offer.
On 3 May 2021, the Company announced that it had prepaid all amounts outstanding of its Debt Obligations to further improve its balance sheet.
Bionomics’ external Debt Obligations accounted for AUD$6,155,674 in combined principal outstanding, consisting of:
Bank loan, denominated in US Dollars, (at 31 March 2021 the principal amount outstanding was AUD$5,982,711) with the final monthly repayment due 1 January 2022; and
Equipment loan, (at 31 March 2021 the principal amount outstanding was AUD$172,963) with the final monthly repayment due 19 March 2023.
Early repayment resulted in AUD$98,537 in overall savings to the Company and terminated all commitments and obligations under the loan agreements.
On 10 May 2021, the Company announced that as part of its broader pipeline expansion strategy and based on anti-anxiety efficacy signals in Generalised Anxiety Disorder (GAD) patients, it has decided to proceed with evaluating its lead clinical compound, BNC210, for an acute treatment in Social Anxiety Disorder (SAD) while progressing toward the start of its planned Phase 2b trial in Post-Traumatic Stress Disorder (PTSD) in the middle of this year.
On 25 May 2021, the Company provided an updated Corporate Presentation following the successful capital raisings completed during April 2021 and subsequent pipeline expansion activities.
On 7 June 2021, the Company announced that effective 21 June 2021 the Company’s Registered Office and Principal Place of Business address will change to 200 Greenhill Road, Greenwood, South Australia 5063 (Tel: +61 8 8354 7400).
On 1 July 2021, the Company announced that Mr Miles Davies had been appointed Non- Executive Director to the Board of Bionomics Limited. Mr Davies replaced Dr. Srinivas Rao as the second Board nominee of Apeiron Investment Group Ltd (“Apeiron”) under the Subscription Agreement dated 1 June 2020 between the Company and Apeiron.
On 1 July 2021, the Company also announced that Dr Errol De Souza would continue in the role of Executive Chairman from 1 July 2021 under a new Employment Agreement.
On 6 July 2021, the Company announced it had initiated a Phase 2b trial (the ATTUNE Study) to evaluate the tablet formulation of BNC210 in patients with Post-Traumatic Stress Disorder (PTSD) with top-line results expected in 1H 2023.
The ATTUNE Study is a randomised, double-blind, placebo-controlled, multi-centre Phase 2b clinical trial with a 12-week treatment period. The primary objective is to compare BNC210 to placebo on the improvement in PTSD symptom severity as measured by the Clinician Administered PTSD scale for DSM-5 (CAPS-5) following 12 weeks of treatment. In addition to the clinician evaluation of PTSD symptom severity, there are a number of secondary objectives to measure patient-reported symptoms of PTSD, changes in anxiety and depression symptoms, and global and social functioning in the study participants. An oral tablet formulation of BNC210, showing much improved absorption over the previous liquid suspension formulation, will be evaluated in this study. The dose of BNC210 (900 mg twice daily) was selected based on achieving exposure levels that are predicted from a pharmacometric blood exposure-CAPS-5 response model, built on a previous BNC210 trial data set (RESTORE), as necessary to meet the primary endpoints for effectiveness for treating PTSD patients in clinical trials.
Cash balance at 30 June 2021 was $28.50 million (31 March 2020: $20.34 million).
Research & development expenditure for the quarter increased to $1.53 million from $1.30 million compared with the previous quarter, that is, an increase of 17.7%. Details of the research & development activities are summarised in the Activity Report below.
For the purpose of Listing Rule 4.7C.3, Directors were paid during the quarter $121,000 in director fees and in addition the Executive Chairman was paid $120,000 in consulting fees and $5,000 for reimbursement of health benefit insurance in accordance with the consulting agreement, and $352,000 as a bonus for the year ended 30 June 2021.
