Cedar Clinical Research to be Evaluated to Support Phase IIb Trial of Novel PTSD Treatment
TORONTO, ON / ACCESSWIRE / February 11, 2021 / Novamind Inc. (CSE:NM) ("Novamind"), a leading mental health company specialized in psychedelic medicine, is pleased to announce that it has made a strategic investment of AU$827,486 (approximately CAN$810,000, the "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.
In addition, Cedar Clinical Research ("CCR"), a wholly owned subsidiary of Novamind based in Springville, Utah, will be evaluated by Bionomics as a clinical research site to conduct Bionomics' Phase IIb trial examining BNC210. BNC210 has received Fast Track Designation from the U.S. Food and Drug Administration for the treatment of post-traumatic stress disorder (PTSD).
With its investment in Bionomics, Novamind joins a group of well-known investors that specialize in psychedelics and biotech: Apeiron Investments, Biotech Value Fund, Merck & Co., Mike Novogratz, and Peter Thiel, an early investor in ATAI Life Sciences.
Novamind's Strategic Investment is included in Bionomics' latest round of financing, which was underwritten by Apeiron Investments and received commitments for AU$16,000,000 (approximately CAN$15,680,000, the "Bionomics Financing"). Novamind will purchase a total of 5,706,800 common shares in the Bionomics Financing, at AU$0.145 per share, a 20% discount to the 30-day volume weighted average price as of February 5th, 2021. Proceeds from the Bionomics Financing will support the initiation of a Phase IIb trial for BNC210, planned for mid-2021.
Bionomics intends to evaluate Cedar Clinical Research's deep expertise in facilitating Phase I to Phase IV clinical trials for leading pharmaceutical companies, and how it may potentially serve as a research site for Bionomics' Phase IIb clinical trial examining BNC210 in PTSD patients.
Cedar Clinical Research, led by Novamind's Chief Medical Officer, Dr. Reid Robison, is currently contracted for seven clinical trials with various sponsors, including leading pharmaceutical companies. Dr. Robison has led over 100 clinical trials in neuropsychiatry, researching a spectrum of psychiatric conditions, including PTSD.
"I'm happy to welcome Novamind as a strategic investor in Bionomics," said Dr. Errol De Souza, Executive Chairman of Bionomics. "Dr. Robison and the team at Cedar Clinical Research have unique experience related to clinical trials for mental health therapeutics."
Yaron Conforti, CEO and Director of Novamind, added, "We are pleased to participate in Bionomics' financing to support the development of its novel drug candidate for the treatment of PTSD. Cedar Clinical Research has unique expertise in PTSD research, and we look forward to the opportunity to contribute to the development of BNC210."
To learn more about Cedar Clinical Research, please visit cedarclinicalresearch.com.
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.
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.
Yaron Conforti, CEO and Director
Telephone: +1 (647) 953 9512
Bill Mitoulas, Investor Relations
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SOURCE: Novamind Inc.