Bionomics, an Australian Phase 2 biotech developing allosteric ion channel modulators for CNS disorders, announced terms for its IPO on Monday.
The Eastwood, Australia-based company plans to raise $25 million by offering 1.6 million ADSs at $15.45, the as-converted last close of its shares on the ASX (BNO). Insiders intend to purchase $15 million worth of ADSs in the offering (60% of the deal). At the proposed price, Bionomics would command a fully diluted market value of $113 million.
Bionomics is developing novel, allosteric ion channel modulators for patients suffering from serious central nervous system (CNS) disorders with high unmet medical need. The company is advancing its lead candidate, BNC210, an oral proprietary selective negative allosteric modulators of the α7 receptor, for the acute treatment of Social Anxiety Disorder (SAD) and chronic treatment of Post-Traumatic Stress Disorder (PTSD). It expects to initiate its Phase 2 PREVAIL trial of BNC210 for SAD by the end of 2021, with topline data anticipated by the end of 2022, and has initiated its Phase 2b ATTUNE trial of BNC210 for PTSD, with topline data anticipated in the 1H23.
Bionomics was founded in 1996 and booked $4 million in revenue for the 12 months ended June 30, 2021. It plans to list on the Nasdaq under the symbol BNOX. Evercore ISI, William Blair, and Cantor Fitzgerald are the joint bookrunners on the deal. It is expected to price during the week of December 13, 2021.
