Bionomics preps for capital raising
Bionomics (ASX:BNO) is preparing to go to market with a capital raising pending, prompting a trading halt on the ASX today.
The company expects to make an announcement about the capital raising before Monday, by which time the trading halt will expire.
In September last year Bionomics acquired US-based cancer stem cell drug development company Eclipse Therapeutics in a deal worth US$10 million.
Eclipse’s lead compound, ET101, is a novel anticancer drug that targets cancer stem cells.
Bionomics is developing its own small molecule products targeting cancer, anxiety, memory loss and autoimmune disorders.
In January 2012 the company signed a deal worth up to US$345 million with US-based Ironwood Pharmaceuticals to develop its anti-anxiety compound BNC210.
Bionomics was trading at 41c prior to the trading halt.
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