Hi Base man - The September Quarterly has just hit the ASX - and...

Hi Base man - The September Quarterly has just hit the ASX - and in my opinion, its not pretty.

The No 1 priority is to conserve cash - what a surprise!

You know my thoughts on their Balance Sheet.

The No 2 priority is to flog off the oncology assets - which has been part of the plan for quite a while - but with no obvious progress.

As the cash bleed continues, the desperation levels will go up and the company's willingness to accept whatever offer is on the table on offer grows.

They are not negotiating from a position of strength in my opinion.

Talk of new strategic directions is a warning bell.

I have not heard that the CEO is on the hustings, but it would not surprise me in the least.

One punter I know reckons that they should have done a capital raising BEFORE the PTSD results were known - at least then they would have had cash in the can and would have had far less dilution than an issue now.

That is what a smart company would do, but its all a bit late now.

The panic may hit tomorrow when everyone has digested the Quarterly.

Support at 15c got a bit of damage on the close - no longer a million on the bid.

We will have to watch and see what tomorrow brings, but a capital raising now will need to be at a cheap price as getting an underwriter could be difficult in the circumstances.

It's a bit of a shame that the once bright prospects that Bionomics could become a globally significant drug discovery company based in Australia are now all but gone.

What might have been...........