BNO 7.46% 6.2¢ bionomics limited

Bionomics inches closer towards success

  1. 420 Posts.
    Bionomics says its main financial goal over 2003 will be to sign up more licensing agreements with large pharmaceutical companies after it reported a full-year net loss of $3.49 million, an increase of 6.4 per cent.

    With the Adelaide company's cash reserves falling $1.2 million to $8.6 million in 2001-02, chief executive Dr Deborah Rathjen said Bionomics had at least two years of cash "on very conservative" forecasts and without taking into account the commercial partnership signed with Johnson & Johnson, worth a potential $50 million in revenues.

    Revenue in the year to June 30 rose 243.7 per cent to $2.1 million, bolstered by $1.6 million in government grants to support the company's work into isolating the gene responsible for stopping the growth of breast cancer cells.

    Dr Rathjen said the company would seek to gain most leverage from the discoveries it had made in identifying the gene responsible for epilepsy.

    "This is really a flagship project for us and we're looking for a partnership that will really give value to it," she said.

    Shares in the company were boosted yesterday after the announcement that Bionomics had developed a "mouse model", whereby it had successfully transplanted the genetic mutation responsible for human epilepsy into mice. When BNO finally signs a lucrative licensing deal for its technology, its shareprice will literally double overnight, in my view. Of course, this may not happen for some time, if ever. Watch this space.

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