Drug developer Bionomics says one of its three candidates is in experimental trials to treat bowel cancer.

Bionomics (ASX:BNO) had a rough 2018, with its share price collapsing 66 per cent after a different drug candidate failed to alleviate post-traumatic stress disorder symptoms after three months.

The stock closed yesterday at 9.9c, an all-time low, but bounced 11 per cent this morning to 11c as the company revealed its cancer drug candidate, BNC105, was undergoing a Phase 2 clinical trial in patients with metastatic colorectal cancer, or in layman’s terms, bowel cancer that has spread.

BNC105 is being tested in conjunction with nivolumab, a cancer drug marketed as Opdivo owned by $105 billion American pharma giant Bristol-Myers Squibb.

Bristol-Myers Squibb is also paying for the trial.

The trial is being conducted across 15 Australian sites and will treat 90 patients to see if BNC105, a vascular disrupting agent, combined with nivolumab can be used to treat advanced bowel cancer patients who have exhausted other treatment options.

Current Bionomics chief executive Dr Deborah Rathjen resigned as managing director in November, though she remains in the CEO role until January 31.

Dr Errol De Souza was appointed as executive chairman as the company also started a strategic review in the wake of the failed PTSD trial.

Bionomics (ASX:BNO) is now treating bowel cancer after its failed PTSD trial.