The Bionomics Ltd (ASX: BNO) share price rocketed 13% in afternoon trade after the biotech researcher announced it has received a $6.5 million tax refund from the Australian government. In order to encourage research and development in Australia's biotechnology industry the government offers a tax offset of up to 43.5% for eligible companies.
According to its website Bionomics is a biopharmaceutical company dedicated to "making better treatments for cancer, central nervous system disorders such as anxiety, depression and Alzheimer's disease".
While the stock is up 13% today to 12 cents, back on October 2 2018 it crashed 69% after revealing that a Phase II trial for its BNC210 drug for the treatment of post traumatic stress disorder did not meet its primary endpoint.
For the quarter ending September 30 2018, Bionomics posted an operating cash loss of $8.25 million, but after placing some shares to private investors reports it now has "12 months cash runway".
