Bionomics R&D Tax Incentive for FY2012
ADELAIDE, South Australia, Jan. 14, 2013 (GLOBE NEWSWIRE) -- Bionomics Limited
(ASX:BNO) (ADR:BMICY) has lodged its FY2012 tax return and registered with
AusIndustry (on behalf of Innovation Australia) for the Australian R&D tax
incentive. Bionomics anticipates that it will receive an R&D tax incentive
cash refund of $4.2 million for R&D expenses incurred in FY2012.
Further in 2012, Bionomics made submissions for advance findings for overseas
expenditure to be eligible for the 45% R&D tax incentive. Bionomics has now
received favourable findings from AusIndustry in relation to this overseas
expenditure. The advance findings, for $8.9 million in overseas expenditure
over the 3 year period from 1 July 2011, are in relation to investment in
BNC105 cancer drug clinical trials being conducted in Australia, USA,
Singapore and New Zealand and to R&D activities associated with its Alzheimers
disease drug candidate BNC375.
Bionomics had previously reported in its 2012 Annual Report an estimated R&D
tax incentive refund of $3.1 million for the year.
"Funds from the R&D tax incentive are welcome as they enable Bionomics to
undertake the development of its innovative drug candidates in cancer and
Alzheimer's disease internationally with great efficiency, enhancing our
global competitiveness" commented Dr Deborah Rathjen, Bionomics' CEO and MD.
Bionomics anticipates that further submissions will be made in FY13 covering
overseas investments in R&D across the company's entire portfolio of drug
candidates including BNC101 that targets cancer stem cells in solid tumours
such as breast, colon and pancreatic cancers and which is being prepared for
clinical trials in 2014.
About Bionomics Limited
Bionomics (ASX:BNO) is an Australian based international biotechnology company
which discovers and develops innovative therapeutics for cancer and diseases
of the central nervous system. Bionomics has small molecule product
development programs in the areas of cancer, anxiety, memory loss and
autoimmune disorders, several of which are in or approaching clinical
development stage. Its oncology approach includes cancer stem cell
therapeutics as well as vascular disruption in solid tumours.
BNC105, which is undergoing Phase II clinical development for the treatment in
a range of solid tumour types, is based upon the identification of a novel
compound that potently and selectively restricts blood flow within tumours.
BNC105 offers blockbuster potential if successfully developed. A clinical
program is also underway for the treatment of anxiety disorders and depression
based on IW-2143(BNC210), a novel compound which stimulates neurite outgrowth.
IW-2143 is partnered with Ironwood Pharmaceuticals.
Bionomics' discovery and development activities are driven by its four
proprietary technology platforms: Angene®, a drug discovery platform which
incorporates a variety of genomics tools to identify and validate novel
angiogenesis targets (involved in the formation of new blood vessels);
MultiCore®, a diversity orientated chemistry platform for the discovery of
small molecule drugs; ionX® , a set of novel technologies for the
identification of drugs targeting ion channels for diseases of the central
nervous system; and CSC Rx Discovery™, which identifies antibody and small
molecule therapeutics that inhibit the growth of cancer stem cells. These
platforms drive Bionomics' pipeline and underpin its established business
strategy of securing partners for its key compounds.
Factors Affecting Future Performance
This announcement contains "forward-looking" statements within the meaning of
the United States' Private Securities Litigation Reform Act of 1995. Any
statements contained in this presentation that relate to prospective events or
developments, including, without limitation, statements made regarding
Bionomics' development candidates BNC105, IW-2143(BNC210), our acquisition of
Eclipse Therapeutics and ability to develop products from their platform, its
licensing deal with Ironwood Pharmaceuticals, drug discovery programs and
pending patent applications are deemed to be forward-looking statements. Words
such as "believes," "anticipates," "plans," "expects," "projects,"
"forecasts," "will" and similar expressions are intended to identify
There are a number of important factors that could cause actual results or
events to differ materially from those indicated by these forward-looking
statements, including risks related to our available funds or existing funding
arrangements, a downturn in our customers' markets, our failure to introduce
new products or technologies in a timely manner, Ironwood's decisions to
continue or not continue development of IW-2143, regulatory changes, risks
related to our international operations, our inability to integrate acquired
businesses and technologies into our existing business and to our competitive
advantages, as well as other factors. Results of studies performed on
competitors products may vary from those reported when tested in different
Subject to the requirements of any applicable legislation or the listing rules
of any stock exchange on which our securities are quoted, we disclaim any
intention or obligation to update any forward-looking statements as a result
of developments occurring after the date of this presentation.
CONTACT: Bionomics Limited
Dr Deborah Rathjen
CEO & Managing Director
+618 8354 6101 /
0418 160 425
+613 9620 3333
The Trout Group
+1 646 378 2972
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