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Up almost 1000% in 1 year, the Bionomics (ASX:BNO) share price moves higher

The Bionomics Ltd (ASX: BNO) share price is in positive territory after announcing a non-renounceable entitlement offer. Here’s the details.
The post Up almost 1000% in 1 year, the Bionomics (ASX:BNO) share price moves higher appeared first on The Motley Fool Australia. –

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The Bionomics Ltd (ASX: BNO) share price is in positive territory today after announcing a non-renounceable entitlement offer. During mid-afternoon trade, the clinical-stage biopharmaceutical company’s shares are up 3.5% to 30 cents.

This takes the Bionomics share price to more than a 950% gain when compared to this time last year. Surprisingly, in March 2020, the company’s shares were swapping hands for as little as 2.8 cents.

Details of the offer

In its announcement, Bionomics updated shareholders advising of a pro rata non- renounceable entitlement offer on a 1:6 basis. This follows the company’s recent subscribed underwritten placement to North American and European institutional and sophisticated investors.

The offer price will be issued at the same rate to the previous placement, at 14.5 cents apiece. Notably, this represents a 50% discount on the current Bionomics share price of 29.5 cents. Moreover, the new shares will rank equally with existing ordinary shares.

The record date for the entitlement offer is on Thursday 11 March, 6:00pm Australian Central Daylight Time (ACDT). Unless extended, the placement will close 30 March, 5:00pm ACDT. The new shares will be allotted on 8 April 2021.

The expected take-up of the offer is estimated to bring in around $20 million in capital for the company. This will be used to partly fund a Phase 2b Post-Traumatic Stress Disorder trial for mid-2021. Additionally, the remaining monies will be spent towards general working capital purposes.

Quick take on Bionomics

Founded in 1996, Bionomics is a biopharmaceutical company that develops drug candidates to treat central nervous system disorders. This includes anxiety, depression, and Alzheimer’s disease.

The company has offices in Australia, the United States, and France.

About the Bionomics share price

Over the last 12 months, the Bionomics share price has been one of the best performers on the ASX market. Positive investor sentiment in the company picked up towards September, and particularly shot higher in February.

Based on current valuations, Bionomics has a market capitalisation of close to $250 million.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Up almost 1000% in 1 year, the Bionomics (ASX:BNO) share price moves higher appeared first on The Motley Fool Australia.

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