Bionomics (ASX:BNO), a clinical-stage company leveraging proprietary platform technologies to discover and develop a pipeline of novel drug candidates targeting ion channels, has announced the sale of its French subsidiaries.
The subsidiaries, Neurofit SAS and PC SAS, has been soled to Domain Therapeutics for €1,810,028.97.
The sale price is the amount of intercompany debt owed by Bionomics to the subsidiaries for the scientific research conducted by them on its drug candidates. The debt will be assumed by Domain upon acquisition of the companies.
“We are pleased with the outcome of the sale of our French subsidiaries which is part of our ongoing cost reduction process, consolidation of our operations in Adelaide and focus on the clinical development of BNC210 for post-traumatic stress disorder,” said Dr Errol De Souza, executive chairman of Bionomics.
“We thank Neurofit and Prestwick Chemical for their key contributions to our previous research efforts resulting in several development candidates including our collaboration assets with Merck and our out-licensing assets in other ion channel programs.”
The offer from Domain is subject to satisfaction of a number of conditions precedent, including entering into definitive contractual documentation satisfactory to both parties and regulatory approval.
Subject to satisfaction of the conditions precedent, the parties anticipate being in a position to complete the transaction on or about 31 January 2020.