Shares of Australia-based Bionomics (ASX:BNOX), listed in the U.S., nearly tripled to $2.87 in pre-market trading.

The company announced that their experimental drug for post-traumatic stress disorder (PTSD) demonstrated a reduction in severity of symptoms during a mid-stage study.

The experimental drug candidate, BNC210, also exhibited an improvement in depressive symptoms and sleep quality according to Bionomics (ASX:BNOX).

The company stated that BNC210 was safe and well-tolerated during the study and plans to advance the treatment for PTSD into further registrational studies.

Up to the last closing, Bionomics (ASX:BNOX) U.S.-listed shares were down approximately 79% for the year to date.

Bionomics (ASX:BNOX) is an Australia-based biopharmaceutical company that develops and discovers innovative therapeutics for cancer and diseases of the central nervous system.