BP still has it at $0.69 with BNC210 license intact, page-4

Bell Potter

Licensing prospects still intact for BNC210 following PTSD disappointment

http://www2.aspecthuntley.com.au/pdf/bellpotter/companyprofile/today/BNO_cp.pdf

"Although the failure of the PTSD trial is a blow for the PTSD field to absorb and disappointing for BNO and its investors, we believe the licensing prospects for the drug is still intact. With no new treatments for PTSD in over 20 years, PTSD was perhaps too high a bar for BNC210. BNO has an ongoing Phase 2 trial in agitation in hospitalised elderly population which is expected to read out in 1QCY19. We believe the results from this trial if positive would still support a multi-million dollar deal prospect for BNC210."

Earlier trials never focused on PTSD, so it was a bit of a jolly for management thinking it would be easy to market because there's no competing products. They forgot to focus on the chance the drug would treat symptoms in this area. Remember they had slides showing BNC210 could treat practically every phycological condition.

Anxiety is a bit different in that there's already solid clinical results for this indication. Phase 1 clinical trials identified BNC210 potential for fast relief from anxiety without nasty side effects. Conventional treatments can be addictive and cause drowsiness and impaired memory. They can also react adversely with other medications.

In one of the Phase 1 clinical trials, BNC210 was tested on people who were subjected to a chemically induced panic attack. Treatment with BNC210 clearly reduced anxiety symptoms. The people returned to a normal emotional state in ten minutes compared with around an hour for those on a placebo.

In another clinical trial, BNC210 was compared with Lorazepam, a drug similar to Valium. People had EEG leads attached to their scalp to measure brain activity. Those on BNC210 performed better across a range of indicators including attention, memory, and co-ordination.

6 months isn't too long to wait. Then we'd have share price action, followed by either a partnership or takeover.