Sale of Bionomics’ French Subsidiaries to Domain Therapeutics
Bionomics Limited (ASX:BNO, OTCQB:BNOEF), a global, clinical stage biopharmaceutical company leveraging proprietary platform technologies to discover and develop a deep pipeline of novel drug candidates targeting ion channels, is pleased to announce that the Company has accepted an offer from Domain Therapeutics (“Domain”) for its two wholly owned subsidiaries, Neurofit SAS (“Neurofit”) and PC SAS “(“Prestwick Chemical”), which operate as contract research companies in France.
The sale price of €1,810,028.97 is the amount of intercompany debt owed by Bionomics to the subsidiaries for the scientific research conducted by them on Bionomics drug candidates and this debt will be assumed by Domain upon acquisition of the Companies.
“We are pleased with the outcome of the sale of our French subsidiaries which is part of our ongoing cost reduction process, consolidation of our operations in Adelaide and focus on the clinical development of BNC210 for post-traumatic stress disorder,” said Dr. Errol De Souza, Executive Chairman of Bionomics. “We thank Neurofit and Prestwick Chemical for their key contributions to our previous research efforts resulting in several development candidates including our collaboration assets with Merck and our out-licensing assets in other ion channel programs.”
The offer from Domain is subject to satisfaction of a number of conditions precedent, including entering into definitive contractual documentation satisfactory to both parties and regulatory approval.
Subject to satisfaction of the conditions precedent, the parties anticipate being in a position to complete the transaction on or about 31 January 2020.
AUTHORISED BY THE BOARD.
About Bionomics Limited
Bionomics (ASX: BNO) is a global, clinical stage biopharmaceutical company leveraging its proprietary platform technologies to discover and develop a deep pipeline of best in class, novel drug candidates. Bionomics’ lead drug candidate BNC210 is a novel, proprietary negative allosteric modulator of the alpha-7 (α7) nicotinic acetylcholine receptor. Beyond BNC210, Bionomics has a strategic partnership with Merck & Co., Inc (known as MSD outside the United States and Canada) and a pipeline of pre-clinical ion channel programs targeting pain, depression, cognition and epilepsy.
Factors Affecting Future Performance
This announcement contains "forward-looking" statements within the meaning of the United States’ Private Securities Litigation Reform Act of 1995. Any statements contained in this announcement that relate to prospective events or developments, including, without limitation, statements made regarding Bionomics’ drug candidates (including BNC210), its licensing agreements with Merck & Co. and any milestone or royalty payments thereunder, drug discovery programs, ongoing and future clinical trials, and timing of the receipt of clinical data for our drug candidates are deemed to be forward-looking statements. Words such as "believes," "anticipates," "plans," "expects," "projects," "forecasts," "will" and similar expressions are intended to identify forward-looking statements.
There are a number of important factors that could cause actual results or events to differ materially from those indicated by these forward-looking statements, including unexpected safety or efficacy data, unexpected side effects observed in clinical trials, risks related to our available funds or existing funding arrangements, our failure to introduce new drug candidates or platform technologies or obtain regulatory approvals in a timely manner or at all, regulatory changes, inability to protect our intellectual property, risks related to our international operations, our inability to integrate acquired businesses and technologies into our existing business and to our competitive advantage, as well as other factors. Results of studies performed on our drug candidates and competitors’ drugs and drug candidates may vary from those reported when tested in different settings.
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