Merck Licencing Agreements / Milestones, page-7

This is somewhat consistent with the broad views being shared - It is the Baker Young view published in the Adelaide Advertiser recently.

With a refreshed Board and positive clinical trial results through 2016 Bionomics has a platform for strong growth through 2017, well funded by current cash on hand. Price catalysts for 2017 include the receipt of milestone payments from partner Merck in their Alzheimer & Pain pro- grams. We also see the potential for licensing deals with “big pharma” from two programs which include the very promising anxiety and depression drug candidate. Clinical trial results due in mid and late 2017 could add significant value to its cancer stem cell drug program.