All Focus Shifts To Bionomics' PTSD Study After Anxiety Trial Disappoints

Bionomics Limited BNOX announced results from its Phase PREVAIL study of BNC210 for the acute treatment of Social Anxiety Disorder (SAD), showing a miss on the primary endpoint.
HC Wainwright, while downgrading the stock to Neutral from Buy, discussed the history of BNC210 and the PTSD program previously.
The analyst writes that it has received baseline support from models of conditioned fear extinction and clinical effect from enhanced emotional recovery from CCK-induced panic attacks.
HC Wainwright says that the formulation works, and encouraging data might help de-risk the ATTUNE study.
Topline data from the Phase 2b ATTUNE study is expected in mid-2023. The indication has also received Fast Track designation for PTSD. The analyst sees the possibility of a Breakthrough Therapy designation as no new therapy has been approved in about 20 years for PTSD.
William Blair analyst writes that the investors' focus will shift to the Phase IIb ATTUNE study of BNC210 in post-traumatic stress disorder (PTSD).
The analyst is reducing the probability of success from 55% to 25% while awaiting additional updates regarding whether BNC210 will still be positioned for clinical development in SAD.
It reiterates Outperform rating.
Price Action: BNOX shares are trading at $6.80 on the last check Monday.

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