Bionomics

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PARTNERSHIPS MOVE BIONOMICS CLOSER TO CLINIC
14-Mar-2002
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Bionomics Limited (ASX:BNO) today reported three major co-development partnerships with US and European based biotechnology companies were the highlights of its performance for the past six months and had moved the Company closer to realising commercial value from its gene discoveries.
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In releasing Bionomics’ interim report for the half year ending 31 December 2001, Managing Director and Chief Executive Officer Dr Deborah Rathjen said the three recent global partnership deals would boost the value of the Company’s intellectual property by accelerating development of its gene discoveries and moving them closer to the clinic. She also said Bionomics is in advanced stages of discussion with a global pharmaceutical company in relation to one of its project areas to boost the Company’s commercial prospects.
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“The deals with Genmab, one of Europe’s leading biotech companies, and two with Hybrigen Inc, a leading privately-held US biotech company, give Bionomics access to world leading technologies and in the case of the Genmab alliance will speed up development of new antibody therapeutics based on Bionomics’ gene discoveries” said Dr Rathjen.
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The Genmab partnership, announced earlier this week, will develop fully human antibodies to angiogenesis targets identified by Bionomics, with both companies receiving equal share in the commercial rights and returns from antibody products they co-develop.
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Angiogenesis is a critical process involved in many major diseases such as cancer, chronic inflammatory diseases like rheumatoid arthritis and eye diseases. Industry estimates suggest that diseases that may be treated by angiogenesis-based therapies encompass 20 percent of the US$322 billion global pharmaceuticals market. The antibody market alone is currently worth more than US$3 billion.
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Last September Bionomics announced a research and development collaboration with Hybrigen, a biotech company with proteomic platform technologies to accelerate the identification and characterisation of high-value drug targets in breast cancer. The Hybrigen alliance is significant because Hybrigen technologies enable Bionomics to discover drug targets in ways that no competitive proteomic technology can match. Importantly, the two companies will co-own the drug targets developed in this program.
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More recently, in January 2002, Hybrigen and Bionomics expanded their collaboration to discover drug targets to include a novel target identified by Bionomics in its angiogenesis project. Again, the two companies will co-own the drug targets developed in this program and intend to form a new entity to commercialise discoveries made during the collaboration.
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Speaking to the interim results report, Dr Rathjen said Bionomics had also been successful in attracting significant Federal Government grant funding. In the twelve month period from December 2000 to December 2001, the Company had secured approximately $3.3 million in Federal Government grant funding.
In August 2001 the Company received funding in the first round of the Federal Government’s new Biotechnology Innovation Fund. In December 2001, Bionomics was successful in applying for a $1.74 million Federal Government Start Grant. “Both grants will enable the Company to fast track the identification and validation of breast cancer drug targets and tumour suppressor genes through the use of proteomics and antisense technologies,” Dr Rathjen said.
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Bionomics management has expanded over the past six months in an effort to build a strong commercial and scientific base. “We have appointed new members of the team in the commercial area of business development, and the research areas of genomics, bioinformatics and proteomics. This was an important activity in preparation for the Company’s move to the new Research Facility at the bioscience precinct in Thebarton,” Dr Rathjen said.
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KEY POINTS — FINANCIAL
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· In the half year ended 31 December 2001 Bionomics incurred as expected an operating loss of $1.6 million.
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· Cash inflows for the half year were $4.2 million and cash outflows were $4.1 million, resulting in an increase of cash on hand over the period of $0.1 million.
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· Bionomics’ cash position at 31 December 2001 was $9.9 million, compared with $9.8 million at 30 June 2001, providing the Company with funding for the next two years independent of additional capital raisings, government grants or cash inflows from a commercialisation deal.
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KEY POINTS — CORPORATE
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· Bionomics’ new Research Facility has been completed and handover occurred on 1 March 2002. The $6.3 million dollar facility at the Adelaide bioscience precinct in Thebarton has been established as a ten-year lease/purchase arrangement with the South Australian Government. As part of the arrangement the South Australian Government has offered Bionomics an attractive facilitation package to cover a portion of the costs involved.
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· Internationally recognised molecular biologist, Professor Ashley Dunn, was appointed to Bionomics’ Scientific Advisory Board in November 2001. Professor Dunn is the Associate Director of the Melbourne Branch of the Ludwig Institute for Cancer Research. He is a Professorial Fellow of the University of Melbourne. He is also a founding partner of Quintessential Science Pty Ltd – an independent advisory company that evaluates science and offers strategic advice within the Basic Research and Biotechnology sectors. Professor Dunn’s 38-year career in scientific research focuses on a diverse range of areas including molecular biology, blood cell formation (haemopoiesis), growth factors and cancer research. Professor Dunn and his collaborators achieved international recognition in 1984 as the first scientists to clone GM-CSF, a cytokine used clinically to aid recovery of bone marrow in cancer patients following chemotherapy treatment. GM-CSF is also being used as a component in various experimental therapeutic vaccines as well as to stimulate the production of specific types of immune cells involved in recognising and destroying cancer cells. Professor Dunn has published research findings in over 100 scientific publications, including the prestigious journals Nature and Cell.
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· Francis Placanica was appointed as Vice President of Business Development in December 2001 to further expand Bionomics’ commercial position in global markets. Formerly Legal Counsel for Faulding Pharmaceutical Asia Pacific, Mr Placanica’s extensive commercial background in science and law will provide Bionomics with a vital combination of skill sets to successfully commercialise its innovative intellectual property portfolio
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· Internationally acclaimed Adelaide geneticist Dr David Callen joined Bionomics as Head of Genomics in November 2001. Formerly the Head of the Cytogenetics Unit in the Department of Cytogenetics and Molecular Genetics at the Women’s and Children’s Hospital, Dr Callen has been associated with Bionomics since its inception. As the senior editor of Human Chromosome 16, led the only group from Australia to have participated in the International Human Genome Project.
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· Leading South Australian molecular geneticist and immunologist Dr Gabriel Kremmidiotis was appointed Head of Bioinformatics in January 2002. Formerly Senior Medical Scientist at the Department of Cytogenetics & Molecular Genetics at the Women’s & Children’s Hospital in Adelaide, Dr Kremmidiotis has been an active player in the area of genomics research with several patent inventions on breast cancer tumour suppressor genes, including Bionomics’ own BNO64 and TSG16.
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· Dr Andy Dunbar joins Bionomics as Head of Proteomics on 18 March 2002. Dr Dunbar is a molecular biologist and protein biochemist. He has concentrated much of his career on investigating the function of molecules called growth factors; in particular, how they regulate the growth, differentiation and survival of cells and how the signals generated by these molecules are defective in disease. Dr Dunbar has two patent inventions related to this work.
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KEY POINTS – INTELLECTUAL PROPERTY
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· Approximately 230 genes from all three of Bionomics’ research programs are covered by 16 patent applications.
· Highlights of Bionomics’ patent portfolio since 1 July 2001 include:
· A new provisional patent application in epilepsy covering various receptor and ion channel subunit variants.
· The progression of two epilepsy provisional patent applications into PCT filings.
· The progression of three provisional patent applications in breast cancer, each covering tumour suppressor genes, into PCT filings.
· Three PCT filings covering a portfolio of differentially expressed and functionally implicated genes and sequences in breast cancer.
· Three provisional patent applications in angiogenesis covering novel genes and known genes associated with angiogenesis.
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In the remainder of the financial year and in the forthcoming year, Bionomics expects to be progressing these and other patent applications through to PCT filings and national phase entry, as well as filing new provisional patent applications as further results emerge from Bionomics’ research programs.
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KEY POINTS — RESEARCH AND DEVELOPMENT
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· Bionomics epilepsy project is now drug discovery ready. Progress in the epilepsy project has enabled Bionomics to develop a new strategy for the discovery of potentially more specific and effective drugs to treat epilepsy based on ion channel defects associated with the condition.
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· A significant breakthrough has been achieved in Bionomics breast cancer project with the finding that BNO64 is implicated in the development of approximately 50% of breast cancers, suggesting that BNO64 is a major breast cancer tumour suppressor gene. A crucial research milestone was achieved with the demonstration that BNO64 blocks breast cancer cell growth. This research may open the way to therapies based on restoring the gene BNO64 and its protein to suitable breast cancer suffers, as well as new breast cancer diagnostic products.
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· In December 2001, a Federal Government R&D Start Grant of $1.74 million to advance the company’s research into breast cancer provided a significant cash injection to build on research conducted by Bionomics’ scientists working both in-house and in collaboration with the Women’s and Children’s hospital team in Adelaide.
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· Since acquiring worldwide rights to the angiogenesis genes identified by a novel molecular and cell biological model devised at the Hanson Centre for Cancer Research, the number of genes identified has increased from 56 to 137. The discovery of genes associated with angiogenesis and their validation as drug targets presents a number of significant commercial opportunities for Bionomics.
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OUTLOOK
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Dr Deborah Rathjen says the new corporate partnerships, new appointments and successful progression of Bionomics’ patent applications place the Company in a stronger position to accelerate its product rollout from the lab to clinical use and human benefit.
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“Our business is about translating our gene discoveries into new drug treatments, diagnostics and gene therapies in as short a time frame as possible to deliver maximum returns to our shareholders in the future,” said Dr Rathjen.
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“We are on target in our R&D projects and the business strategy is succeeding, as evidenced by the recent deals to accelerate the co-development of our gene based discoveries into products, diagnostics and gene therapies. Importantly Bionomics is well placed to further leverage its world-class science to attract additional global partnerships in the next six months,” she said
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PARTNERSHIPS MOVE BIONOMICS CLOSER TO CLINIC
14-Mar-2002
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“The deals with Genmab, one of Europe’s leading biotech companies, and two with Hybrigen Inc, a leading privately-held US biotech company, give Bionomics access to world leading technologies and in the case of the Genmab alliance will speed up development of new antibody therapeutics based on Bionomics’ gene discoveries” said Dr Rathjen.
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http://www.genmab.com/html/co_prof.html

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Introduction to Genmab
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Genmab A/S is a biotechnology company using transgenic mouse technology to create and develop fully human antibodies to treat a wide variety of life threatening and debilitating diseases.
Genmab has a two-pronged strategy for maximising the value of its antibody development capabilities:
Genmab plans to move from genomics to products by developing antibodies to some of the unprecedented number of novel disease targets that are being discovered through genomics and other scientific efforts.
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Genmab is developing antibodies to clinically validated targets where we would expect a human antibody to provide an improved product. The Company intends to create a large and diverse portfolio of antibody products using this strategy.
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From Genomics to Products
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Genomics and other research techniques are leading to the discovery of an unprecedented number of potential targets for antibody products. With our wide range of monoclonal antibody capabilities, Genmab is in a position to capitalize on these discoveries and to move rapidly from genomics and other novel targets to antibody products. To maximise the value of our integrated human antibody development capabilities, Genmab is forming partnerships with other companies to co-develop antibody products to novel disease targets. Genmab already has access to novel targets from Immunex Corporation, Medarex, Inc., deCODE genetics, Sequenom, Oxford GlycoSciences Plc, Eos Biotechnology, Inc., Scancell Ltd, and Glaucus Proteomics.
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Human Antibodies to Treat Disease
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Using the HuMAb-Mouse® technology, Genmab can rapidly create high affinity fully human antibodies instead of mouse antibodies. This transgenic mouse technology avoids the need for humanization or complicated genetic engineering, which can be time consuming and expensive. Furthermore, unlike Genmab's fully human antibodies, previous generations of antibody products have typically contained mouse or other animal proteins, such antibodies have the potential to elicit allergic responses or other complications.
Antibodies, one of the body's most important natural defenses, are proteins that seek out, recognize and bind to disease targets. A specific antibody directs the immune system to a particular target like a key fitting into a lock. It is this specificity that makes antibodies potentially useful in various therapeutic applications. Once at a target, an antibody can perform a variety of functions, such as targeting diseased cells for destruction, or interfering with autoimmune disease.
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The important thing to note is that last month (March) Bionomics reported three major co-development partnerships with US and European based biotechnology companies, moving the Company ever closer to realising commercial value from its gene discoveries.

Coincidentally, last month Bionomics’ new Research Facility was completed and handover occurred on 1 March 2002. The $6.3 million dollar facility in Adelaide should boost the efficiency of their wide ranging research program.

Incredible advances are to be made over the coming years in the field of gene technology. Perusal of Bionomic's research agenda indicates they're delving into some extremely interesting areas. Or more pointedly - some extremely potentially lucrative fields.

Approximately 230 genes from three of Bionomics’ research programs are currently covered by 16 patent applications.

Highlights of Bionomics’ patent portfolio since 1 July 2001 include:

1. A new provisional patent application in epilepsy covering various receptor and ion channel subunit variants.

2. The progression of two epilepsy provisional patent applications into PCT filings.

3. The progression of three provisional patent applications in breast cancer, each covering tumour suppressor genes, into PCT filings.

4. Three PCT filings covering a portfolio of differentially expressed and functionally implicated genes and sequences in breast cancer.

5. Three provisional patent applications in angiogenesis covering novel genes and known genes associated with angiogenesis.

In the remainder of the financial year and in the forthcoming year, Bionomics expects to be progressing these and other patent applications through to PCT filings and national phase entry, as well as filing new provisional patent applications as further results emerge from Bionomics’ research programs.

I can readily foresee that over the next few years, some of the world's greatest ills will be cured or ameliorated by pharmaceuticals initially developed through companies such as this one. Can you imagine the enormous revenues that'd then flow in?
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210 divided by 2 equals 1.05 divided by 2 equals 52.5 divided by 2 equals 26.25 divided by 2 equals 13.125 divided by 2 equals 6.625
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26/4/02 1:36:45 PM
http://www.stockhouse.com.au/bullboards/viewmessage.asp?no=5094564
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The middle of the bollinger bands on BNO is 6.83c---RSI sank down to 50----the other day when it retreated--then since then it has moved up to around 60-with an upward move. (this is Wednesday's trade data)
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http://www.equis.com/free/taaz/gannangles.html
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2.10 x 82.5% equals 1.73---2.10 minus 1.73 equals 37 x 82.5% equals 30.525----37 minus 30.525 equals 7.525
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Middle of bollinger band 6.89 26/4/2002 High 0.71 low 0.7 7 close 0.7
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21/2/2002 Value/consideration Purchased on market 70,000 ordinary shares $0.3556(US)
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0.35556 divided by 2 equals 17.778 divided by 2 equals 8.889 8.889 times 15% equals 1.3335 8.889 minus 1.3335 equals 7.5555
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High Friday April 12th 7.8 Low March 21st 0.55 0.55 times 26.25% equals 0.14425 0.55 plus 0.14425 equals
6.4425
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BNO= BIONOMICS YOU SHOULD KNOW THAT TOWIE AS www.ozplatinum.com HAVE HELD THESE SHARES FOR SOME TIME SEE BELOW THIS IS OFF THERE PORTFOLIO SECTION

BNO

Bionomics aims to identify and map genes, which could play a vital role in the treatment of epilepsy and breast cancer. The Women's and Children's Hospital, Adelaide (WCH), The University of Melbourne (UM) and the Institute of Medical and Veterinary Science in Adelaide (IMVS) are being contracted to undertake the research and development work. Bionomics aims to identify particular genes or the proteins they encode which can be shown to have a role in the onset or progression of disease. These genes or proteins are known as validated drug targets, and it is the aim of Bionomics to be a world leader in the business of identifying these validated drug targets. The company has over 100 genes pertaining to its epilepsy and breast cancer projects, covered by patent applications and has acquired world-wide rights to genes involved in the angiogenesis process. The Company plans to build its own research and administrative facilities in the Thebarton precinct, and has secured a ten year lease/purchase agreement with the SA Government. Significant upside potential exists in BNO and we have therefore taken a long position in the stock.
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http://www.nofearzone.com/fib.asp
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FIBONACCI Lines
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Leonardo Fibonacci was an Italian mathematician who was born around the year 1170. Fibonacci numbers are a sequence of numbers in which each successive number is the sum of the two previous numbers: 1, 1, 2, 3, 5, 8, 13, 21, 34, 55, 89, 144, 610, etc. Any given number is approximately 1.618 times the preceding number and any given number is approximately 0.618 times the following number. The retracements are as follows: 0.0%, 23.6%, 38.2%, 50%, 61.8%, 100%.After a significant price move (either up or down), prices will often retrace a portion (if not all) of the original move. As prices retrace, support and resistance levels often occur at or near the Fibonacci Retracement levels.
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0.55 times 38.2% equals 0.2101 0.55 plus 0.2101 equals 7.101---High April 26th 7.1 low 7.0
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Value/consideration Purchased on market 70,000 ordinary shares @ $0.3556(US)
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http://www.oanda.com/convert/classic
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0.3556 US Dollar = 0.65416 Australian Dollar 0.3556 Australian Dollar (AUD) = 0.19330 US Dollar (USD)
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82.5% of 0.65416 equals 0.539682 0.65416 minus 0.539682 equals 0.11.4478 divided by 2 equals 0.5.7239---low 0.55
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Date: 21/01/2001 Principal terms of the securities Exercise: $0.79 (eg, if options, exercise price Expiry Date: 01/01/2007
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79 times 61.8% equals 48.22 79 minus 48.22 equals 30.78 times 61.8% equals 19.02204 30.78 minus 19.02204 equals 11.75796
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79 times 61.8% equals 48.22 79 minus 48.22 equals 30.78 times 61.8% equals 19.02204 30.78 minus 19.02204 equals 11.75796
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11.75796 times 50% equals March 25th low of 5.7 (5.87898)
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82.5% of 0.65416 equals 0.539682 0.65416 minus 0.539682 equals 0.11.4478 divided by 2 equals 0.5.7239---low 0.55
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11.4478 x 50% equals 5.7239-----low March 25th 5.7
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http://www.ey.com/Global/gcr.nsf/Australia/News_release_-_
Tax effect accounting set to be next big challenge following introduction of GST
Ernst & Young urges preparedness as fundamental shift in tax accounting practices looms
21 February, 2002
Ernst & Young has monitored an unprecedented level of interest in the run up the introduction of a new accounting standard which could prove to be the next biggest challenge for Australian businesses following the introduction of the GST.
When it comes into effect from 1 July 2002, the Australian Accounting Standard AASB 1020 "Income Taxes" (revised) will impact every Australian company as the changes represent a fundamental conceptual shift in the method of accounting for income taxes (tax effect accounting).

"Under the revised Standard, which is in line with key international Standards, the focus will be on a company's balance sheet, rather than on its profit and loss statement," said Ms Ruth Picker, Partner, National Accounting & Auditing Standards, with Ernst & Young.

"Given the response that we have had to our educational seminars and the feedback we have been receiving from our clients, it is clear that the introduction of the new standard is a particularly hot topic for most companies. We regard this as one of the most important accounting issues facing Australian companies since the introduction of the GST," she said.

Ernst & Young's educational seminars on the new standard are already oversubscribed with over 800 tax and accounting personnel rushing to better understand the Standard's full impact in seminars in Sydney and Melbourne in February.

According to Ms Picker, the issues relating to the Standard can look deceptively simple when bundled up. "We caution, that companies must have a thorough understanding of the Standard in order to predict and prepare for its business-wide impact. Assessing the full impact of the AASB 1020 (revised) is essential because looking at the change as simply an accounting issue will expose a company to a raft of risks. To identify and prepare for the full impact of the revised Standard, the wider business issues associated with the new method of tax-effect accounting need to be unpacked. The issues likely to end up on the table for most companies will include transition, tax planning, integration of the new tax consolidation rules with the new accounting rules, the management of income tax expense and operational issues".

The new balance sheet method of tax-effect accounting is more comprehensive in recording the taxation consequences of transactions recognised in financial reports. In the past, tax-effect accounting calculations were based on a comparison of profit and loss statements in a process that identified timing differences. Under the revised Standard, these calculations will be based on balance sheets. As a result, items that might have been previously ignored in tax-effect accounting calculations, such as revaluations, foreign currency issues, equity accounting, and acquisitions, will now need to be considered.

Ernst & Young emphasises the need for tax and accounting functions to work closely together to ensure optimal business outcomes are achieved under the new rules. Under the revised Standard, tax planning will need to incorporate strategic assessment from both accounting and tax specialists due to the potential impact of the new tax-effect accounting rules.

The new balance sheet method relies on the determination of tax assets and liabilities-effectively a tax balance sheet. As a result, the calculation of tax values is central to the approach. The application of tax knowledge is crucial to the determination of the tax base of assets and liabilities.

Read more in our Tax-effect accounting - Unpacking the impact.

Further media information:

Matthew Coleman
National Public Relations Manager
Ernst & Young
Tel: 61-2-9248 5828
Mobile: 0410 589 528

Christian May
Media Relations Manager
Ernst & Young
Tel: 61-2-9248 5030
Mobile: 0405 255 503

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