Clinical stage biopharmaceutical company Bionomics (ASX: BNO) has completed the sale of two wholly-owned subsidiaries to French company Domain Therapeutics for €1.79 million (A$3.04 million).
The subsidiaries, Neurofit SAS and Prestwick Chemical SAS, are based in France and operate as contract research companies.
The sale price equated to the final amount of intercompany debt owned by Bionomics to the subsidiaries for the scientific research conducted by them on Bionomics drug candidates.
PTSD drug development focus
First announcing its acceptance of Domain’s offer in December, Bionomics said the transaction was part of the company’s ongoing cost reduction process and its focus on the clinical development of its lead drug candidate BNC210.
BNC210 is a novel, orally-administered, proprietary negative allosteric modulator of the alpha-7 nicotinic acetylcholine receptor that has been granted “fast track designation” through the US Food and Drug Administration for the treatment of post-traumatic stress disorder.
According to a recent Bionomics corporate presentation, the competitive advantages of BNC210 is its ability to be fast-acting, requires no sedation, does not cause memory impairment or withdrawal syndrome or adverse effects from drug interactions.
Commenting on the completed sale, Bionomics executive chairman Dr Errol De Souza today thanked the efforts of all those involved from Neurofit, Prestwick, Bionomics and Domain.
“We will now focus our reduced and consolidated operations in Adelaide on the clinical development of BNC210 for post-traumatic stress disorder,” he said.
Domain Therapeutics is a privately-held French and Canadian biopharmaceutical company that specialises in the discovery and development of new drug candidates targeting transmembrane receptors in neurology, oncology and rare diseases.
Last month, Domain announced it had closed a €6 million debt financing to expand its proprietary drug portfolio.
Neurofit is a leading contract research organisation specialised in neurological diseases, while Prestwick provides medicinal chemistry services and smart screening libraries.