Peter Thiel is widely considered one of the most visionary early stage investors ever in technology startups.
But he’s also quietly bet on a relatively unknown biotech company that is aiming to treat PTSD.
What’s happening:
- Australia based biotech company Bionomics (NASDAQ:BNOX) just released clinical data for their novel therapeutic BNC210 which is a treatment for PTSD
- The data is compelling, suggesting that there were significant improvements in PTSD symptoms within 12 weeks
- Further their Phase II trial also showed improvements in depressive symptoms and sleep conditions
Why it matters:
- Bionomics has a notable group of biotech investors supporting the company, including Christian Angermayer, Mike Novogratz and Peter Thiel
- PTSD is notoriously difficult to treat, which has led many companies to pursue psychedelic derived medicines such as MDMA as a potential therapeutic
The intrigue:
- This is actually not the first time the trio of Christian Angermayer, Mike Novgratz and Peter Thiel have come together to back a biotech company
- The three of them previously helped fund leading psychedelic drug discovery companies ATAI Life Sciences (NASDAQ: ATAI) and COMPASS Pathways (NASDAQ: CMPS) together
Market reaction:
- Shares of Bionomics closed up a staggering 242%
The fine print:
- Even with the positive clinical trial data Bionomics is still quite a early stage biotech company, with a valuation of just $27 million.
