Novamind Increases Strategic Investment in Bionomics

Rhea-AI Summary

Novamind Inc. has increased its investment in Bionomics Limited, purchasing 951,133 shares at AU$0.145 for a total of AU$137,914. This adds to their previous investment of AU$827,486, bringing the total to AU$965,400. With Bionomics shares closing at AU$0.20, Novamind's total investment shows a 38% unrealized return. The funds will support a Phase IIb clinical trial of BNC210, a treatment for PTSD. Novamind is also being evaluated as a clinical research site for this trial, expected to start mid-2021.

Positive

• Total investment in Bionomics increased to AU$965,400.
• Shares of Bionomics closed at AU$0.20, representing a 38% unrealized return on Novamind's investment.
• Bionomics will utilize funds to initiate a Phase IIb trial for BNC210, a drug with Fast Track Designation for PTSD.

Negative

• None.

Investment supports phase IIb clinical trial examining novel PTSD treatment

TORONTO, ON / ACCESSWIRE / April 13, 2021 / Novamind Inc. (CSE:NM)(OTC PINK:NVMDF)(FSE:HN2) ("Novamind" or the "Company"), a leading mental health company specialized in psychedelic medicine, is pleased to announce that it has increased its strategic investment in Bionomics Limited ("Bionomics") (ASX: BNO | OTCQB: BNOEF | Germany: AU000000BNO5), a biopharmaceutical company dedicated to developing better treatments for central nervous system disorders.

Novamind purchased an additional 951,133 common shares at AU$0.145 per share for a total investment of AU$137,914 (approximately CAN$132,000) in Bionomics' recently completed rights offering (the "Rights Offering"). In addition to Novamind's initial AU$827,486 investment (approximately CAN$810,000) announced on February 11^th, 2021, Novamind has invested in Bionomics a total of AU$965,400 (approximately CAN$942,000). Bionomics shares closed at AU$0.20 on April 12^th, 2021, a 38% return (unrealized) on Novamind's total investment.

Proceeds from the Rights Offering will support the initiation of Bionomics' phase IIb clinical trial for BNC210, a drug that has received Fast Track Designation from the U.S. Food and Drug Administration for the treatment of post-traumatic stress disorder (PTSD). Bionomics is evaluating Cedar Clinical Research, a wholly owned subsidiary of Novamind, as a research site for the BNC210 clinical trial that is anticipated to start mid-2021.

"We are pleased to support the development of a new treatment for PTSD and to be evaluated as a clinical research site for the phase IIb clinical trial of BNC210," said Yaron Conforti, CEO and Director of Novamind. "Our expertise in clinical research for mental health therapeutics is widely recognized in the biopharmaceutical industry, as demonstrated by our collaboration with Bionomics and recent partnership with Merck."

To learn more about Cedar Clinical Research, please visit cedarclinicalresearch.com.

About Novamind
Novamind is a leading mental health company enabling safe access to psychedelic medicine through a network of clinics, retreats, and clinical research sites. Novamind provides ketamine-assisted psychotherapy and other novel treatments through its network of Cedar Psychiatry clinics and operates Cedar Clinical Research, a contract research organization specialized in clinical trials and evidence-based research for psychedelic medicine. Both Cedar Psychiatry and Cedar Clinical Research are wholly owned subsidiaries of Novamind. For more information on how Novamind is enhancing mental wellness and guiding people through their entire healing journey, visit novamind.ca.

About Bionomics

Bionomics is a global, clinical stage biopharmaceutical company leveraging its proprietary platform technologies to discover and develop a deep pipeline of best in class, novel drug candidates. Bionomics' lead drug candidate BNC210, currently in development for initiation of a second phase II trial for the treatment of PTSD, is a novel, proprietary negative allosteric modulator of the alpha-7 (α7) nicotinic acetylcholine receptor. Beyond BNC210, Bionomics has a strategic partnership with Merck & Co., Inc (known as MSD outside the United States and Canada). To learn more, please visit bionomics.com.au.

Contact Information
Novamind
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512

Bill Mitoulas, Investor Relations
Email: bill@novamind.ca

Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations including the risks detailed from time to time in the Company's public disclosure. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable laws.

SOURCE: Novamind Inc.

View source version on accesswire.com:
https://www.accesswire.com/640028/Novamind-Increases-Strategic-Investment-in-Bionomics

FAQ

What is Novamind's recent investment in Bionomics (BNOEF)?

Novamind increased its investment in Bionomics by purchasing 951,133 shares at AU$0.145, totaling AU$137,914.

What is the significance of the Phase IIb trial for BNC210?

The Phase IIb trial for BNC210 is aimed at treating PTSD and is supported by Novamind's investment.

What was Novamind's total investment in Bionomics as of April 2021?

As of April 2021, Novamind's total investment in Bionomics amounts to AU$965,400.

When is the BNC210 clinical trial expected to start?

The BNC210 clinical trial is anticipated to start in mid-2021.