Yeah, I know this is paid research, but not posted on the...

Yeah, I know this is paid research, but not posted on the Bionomics website, so worth linking.

"Management has reiterated its expectations that top-line data will be reported late-September 2018".
So as late as a few weeks ago BNO Management have said to expect the PTSD results next week. It's coming, don't sweat it.

No one is going to make an offer for BNO until the results are announced. No Board would approve it, Merck or anyone else.

What BNO need is a partner to take BNC210 through a Phase 3 trial. Costs are significant, and buying BNO wouldn't change that. I think we should analyse the PTSD top lines result next week and then look into the Crystal Ball.

In my mind the move to phase 3 trials is going to take a while because:
- They are expensive, and BNO can't pay for them alone.
- Trials in psychology related indications are hard to prove, so they need a larger sample size, so they cost more.
- There is no partner waiting in the wings, that we know about for BNC210.
- Money is tight in the Industry Globally.

It's years till drug approval no matter what happens.