Bionomics Limited (ASX:BNO) will progress its anxiety treatment BNC210 to further clinical trials expecting to commence before the end of the year.
The biopharmaceutical company says it has re-acquired the exclusive rights to develop and commercialise the treatment from Ironwood Pharmaceuticals after terminating an earlier arrangement.
The company is aiming to progress the clinical development of the treatment to enhance its value ahead of further partnering.
Bionomics has received approval to commence a phase 1b trial in France to be conducted by Biotrial International.
CEO Dr Deborah Rathjen says the company in is a strong position and has secured funding specifically for the purpose of progressing the treatment.
Bionomics reported a net profit of $3.2 million in the 2014 financial year.
