Although BiolineRX Ltd. (TASE:BLRX) published the initial results of its schizophrenia drug, BL 1020, last week, only today did it publish the most important result: the drug had a statistically significant effect on patients' cognitive capabilities. The improvement was seen both compared with the placebo, and with Respiridon, one of the leading drugs on the market.
The trial results give BL 1020 a good chance of becoming a competitor in the crowded schizophrenia drug market. It has a clear advantage over the competition, both because its fewer side effects and because no schizophrenia drug on the market helps improve patients cognitive abilities.
BiolineRX's share rose 18.6% today to NIS 3.10, giving a market cap of NIS 293 million. The share rose 13% between last week's announcement and yesterday.
The results will determine the quality of any deal that BiolineRX makes with a major pharmaceutical company. The company has said in the past that is in contact with several pharmaceutical companies, which were waiting for the results of the trial before deciding whether to buy BL 1020.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2009
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