Biotechnology drug developer Bionomics has sold its French subsidiaries to focus on commercialising its lead drug candidate to treat post traumatic stress disorder.
The company sold Neurofit and Prestwick Chemical which carry out contract research to Domain Therapeutics.
Consideration for the sale was $3 million which is the amount of inter-company debt owed by Bionomics to its subsidiaries for the R&D it has conducted on its treatments for central nervous system disorders such as anxiety, depression and Alzheimer’s disease.
Accordingly, no cash will change hands.
According to a company announcement, Bionomics will now focus on its lead drug candidate for anxiety disorders, co-morbid anxiety and depression, BNC210.
Bionics chairman Errol De Souza said: “We will now focus on reduced and consolidated operations in Adelaide on the clinical development of BNC210 for post-traumatic stress disorder.”
BNC210 is a negative allosteric modulator of the body’s Alpha-7 nicotine acetylcholine receptor.
The company has conducted phase 1 and phase 2 human trials, with data indicating potential benefits with equivalent efficacy to benzodiazepines provided adequate levels of the drug are present.
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