BioCentury
ARTICLE | Financial News

Bionomics proposes A$16.4 million rights offer

March 5, 2013 2:12 AM UTC

Bionomics Ltd. (ASX:BNO; OTCBB:BMICY) said it plans to raise up to A$16.4 million ($16.6 million) through the sale of up to 45.6 million shares at A$0.36 in a rights offering. Existing shareholders are eligible to purchase one share for every eight shares held. The price is a 12% discount to the company's close of A$0.41 on Feb. 27, before the offering was announced. Bell Potter Securities is lead manager.

Bionomics' pipeline includes preclinical compounds BNC101, a humanized mAb targeting leucine-rich repeat-containing G protein-coupled receptor 5 ( LGR5; GPR49) in development for colorectal cancer; and BNC375, a positive allosteric modulator (PAM) of nicotinic acetylcholine receptor alpha 7 (CHRNA7) in development for Alzheimer's disease (AD). The company plans to start clinical testing of BNC101 in 2014. ...