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Bionomics Limited (BMICY.PK) Start-Up Placement with Australian Ventures


9/3/2009 1:30:26 PM

Thursday 3 September 2009 - Adelaide, Australia: Bionomics Limited (ASX:BNO) today announced that it has entered into a Subscription Agreement with Start-up Australia Ventures Pty Ltd as trustee of the Start-up Australia Trust (Start-up) for a $7 million placement of ordinary shares to Start-up.

Start-up has access to funding from the Australian Government’s Innovation Investment Follow-on Fund for the purpose of taking up the placement.

Dr George Jessup, Managing Director of Start-up, commented “I am delighted with the continued progress of Bionomics. The company has two exciting new drugs in clinical trials and a high value partnership with a major European pharmaceutical company. They have achieved this with a very efficient use of shareholder funds. This new funding will allow the company to achieve critical value adding milestones for investors and is also important for patients who are in need of these drugs."

The placement to Start-up is conditional on:

(a) Bionomics’ shareholders resolving at a general meeting to approve, for the purposes of item 7 of section 611 of the Corporations Act, the acquisition of the placement shares by Start-up; and

(b) Bionomics raising a further $5 million through private placements to institutional or sophisticated investors.

About Bionomics Limited

Bionomics (ASX: BNO) discovers and develops innovative therapeutics for cancer and diseases of the central nervous system. Bionomics has small molecule product development programs in the areas of cancer, anxiety, epilepsy and multiple sclerosis. Bionomics' most advanced program, BNC105 for the treatment of cancer, is based upon the identification of a novel compound that potently and selectively restricts blood flow within tumours. Bionomics' discovery and development activities are driven by its three technology platforms: Angene®, the company's angiogenesis target and drug discovery platform, incorporates a variety of genomics tools to identify and validate novel angiogenesis targets. MultiCore® is Bionomics' proprietary, diversity orientated chemistry platform for the discovery of small molecule drugs. ionX® is a set of novel technologies for the identification of drugs targeting ion channels for diseases of the central nervous system.

Read at BioSpace.com

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