Bionomics shares have fallen by more than 60 per cent after disappointing drug trial results
SHARES in Bionomics have plunged to their lowest point in almost ten years after the release of disappointing trial results for its post traumatic stress disorder (PTSD) drug.
SHARES in Bionomics have plunged to their lowest point in almost ten years after the release of disappointing trial results for its post traumatic stress disorder (PTSD) drug.
In an update to the ASX, the Adelaide company said a Phase 2 clinical trial of its BNC210 drug failed to demonstrate broad benefits in the treatment of PTSD.
Bionomics chief executive Deborah Rathjen said the ongoing Phase 2 trial of BNC210 in hospitalised, elderly patients suffering from agitation would continue until the first quarter of next year, but all other work on the drug would be stopped until that time.
“We are extremely disappointed that the primary endpoint in this trial was not met,” she said.
“In FY18 Bionomics reduced costs by closing the US operations and reducing overall headcount.
“In order to maintain and enhance shareholder value, we are continuing to assess our strategic options for partnering and portfolio prioritisation whilst conserving cash.”
Bionomics shares were trading 30.5c, or 61 per cent, lower in late morning trade, at 19.5c - their lowest point since February 2009.
The latest Phase 2 trial of BNC210 assessed symptoms in 193 patients with PTSD across 25 sites in the US and Australia.
While the drug failed to achieve a broad improvement in PTSD symptoms, as measured by the Clinician-Administered PTSD Scale (CAPS-5) - regarded as the standard for PTSD diagnosis - some improvements were found in mood and anxiety symptoms, the company said.
“While challenging to find which symptoms may respond to the novel pharmacological properties of BNC210, there was great anticipation that it would show clear beneficial effects on improving PTSD symptoms, supporting further development of the drug as a novel treatment for this condition,” Bionomics consultant Murray Stein from the University of California San Diego said.
“Results of this trial do not demonstrate those broad benefits, underscoring the complexity of PTSD and the heterogeneity of PTSD symptoms across patients.
“Future work with BNC210 – and other novel compounds – may be best focused on a subset of symptoms, or a subset of patients, considered most likely to benefit.”
Dr Rathjen said an update on the company’s strategic direction would be provided at the company’s AGM on November 14. Bionomics posted a $24.6 million loss last financial year.