Activist investor CVC is backing away from plans to muscle directors onto the board of Bionomics after failing to garner support from other shareholders in the biotechnology company.

CVC, owner of 5 per cent of Bionomics, said last month that it would call a meeting to oust Bionomics chairman Graeme Kaufman and director Trevor Tappenden, while signalling its intent to nominate CVC chief executive Sandy Beard and fellow dissident investor Laurence Freedman as directors.