Bad news late on Friday - the cowards way.

Unsurprisingly, Bionomics took the chickens way out to announce that the CEO has fallen on her sword and the company has reached to the major shareholder for more money.

Why am I not surprised?

The writing has been on the wall for this CEO and this stock ever since the PTSD trial failure (if not before).

I do not actually think that the capital raising or the involvement of BVF is any reason to expect a share price re-rating.

Shareholders are being diluted once again and the big boys are getting first bite at the cherry as usual.

The company will need a new CEO and another capital raising soon enough given that it will burn about $7m this quarter.

On my calculations, this current capital raising is just replacing one quarter's cash bleed.

Until there is a credible go-forward plan and a serious CEO in place, this stock is to be avoided.

If they manage to jag a credible new CEO, there is still a huge amount to be done to restore any value because it is very close to being a start-up.

In theory, there must be some value to salvage, given the money that the company has burnt through - but the clinical results and the lack of commercial deals to date makes me wonder how much any of it is really worth.

Good luck to anyone who wants to hang around because you will need a heap of patience given past history.

Better to go away and revisit in a year or two if there is evidence of progress.

Of course all of this is just IMHO.