Shares of Bionomics Limited rocketed 387% after phase IIb trial results showed its lead asset has the potential to become a best-in-class treatment for post-traumatic stress disorder (PTSD).
Researchers found that the drug, BNC210, significantly reduced the severity of PTSD symptoms over a 12-week period.The data also pointed to improvements in related issues like depression and sleep quality.
Interestingly, Bionomics will discuss the next steps with the US Food and Drug Administration (FDA) - which suggests BNC210 may be fast-tracked in some way.
A total of 212 patients in the United States and the United Kingdom were given either BNC210 or a placebo.
The results were measured using a standard scale that doctors use to assess the severity of PTSD symptoms. The drug not only met the main goal of reducing PTSD symptoms but also showed promise in improving other related conditions.
At 9.49 am, the shares were changing hands for $4.80, up $3.82.