Health: Bionomics can’t get its anxiety drug to stick; shares dive 31pc
Health & Biotech
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Yesterday Bionomics (ASX:BNO) put out some disturbing news: its drug for anxiety did not work any better than a placebo in elderly patients.
Observations of “aberrant vocalisation”, agitated movements, aggressiveness and resisting care showed a gradual improvement for both the BNC210 treatment and the placebo over five days.
The bad news follows a release in October last year that the drug also doesn’t work on PTSD.
The elderly anxiety trial was supposed to be a way to resurrect the drug.
At least this time the stock didn’t dive as much as last time: just a mere 31 per cent — before the company went into a trading halt — compared to 66 per cent last year.
After Cell Care’s attempted takeover of Cyrosite (ASX:CTE) in which the competition regulator took them to court over “gun jumping” and engaging in cartel behaviour, Cryosite says it’s no longer dealing in cord blood and tissue.
That’s the business Cryosite wanted to sell to the only other servicer in the market, Cell Care, in 2017. The CEO has also quit “to spend more time with his family and travel” and is becoming their part-time COO (he’d originally stepped up from CFO).
They’ve gotten rid of the role normally reserved for bringing in new business — business development manager — and the chairman Bryan Dulhunty is stepping in to help run the business. They expect a $300,000 write down, ongoing operational losses, and the $1.1m ACCC fine will lead to a full year $1.5m loss.