Bionomics beefs financial team

Adelaide-based genomics biotech Bionomics has appointed a new heavy hitter to its financial team with the signing up of ex-Faulding and ex-Mayne commercialisation expert Lee Craker as new CFO.

Joining financial administrator and company secretary Mrs Jill Mashado, Craker will concentrate on building business opportunities and maximise funding access for ongoing R&D work.

"We asked Lee to join us because he embodies the skills and expertise that we were looking for. his strong financial and commercialisation background will make him invaluable, and his background at Faulding was obviously something which made [him] the one we wanted for the job," said Bionomics CEO, Deborah Rathjen.

Craker noted that his previous work in taking companies to the market -- in particular the Nasdaq -- could well be of use in the future. He also mentioned his Chinese experience as a pointer to possible further licensing or joint venture developments in the Asian region.

"At the moment though, we have other priorities. My first task is to look at funding options. We have AUD$6 million in cash which should keep us going for two years at our present cash burn rate. But we obviously want to carry that forward. We will be looking further at the equity finance facility, and at other licensing incomes too," he said.

Craker, who has spent many years in the US, including a stint as CFO at Faulding Inc, said one of the positive aspects of coming to Bionomics was the location.

"One of the nice things is that Adelaide is home. I will definitely be staying here for a few years," he added. "And of course I can help maximise our business opportunities too," he added.