BiolineRX Ltd. (TASE:BLRX) today announced positive results in a follow-on study of the Phase IIb clinical trial of its antipsychotic treatment for schizophrenia, BL-1020. The follow-on study lasted for six weeks.
BL-1020 uses a novel mechanism to treat schizophrenia. The drug was synthesized by Prof. Abraham Nudelman of Bar-Ilan University, and its biological activity was tested by Dr. Irit Gilad, Dr. Ada Rephaeli, and Prof. Avraham Weizman of Tel Aviv University’s Felsenstein Institute. BiolineRX bought the commercialization rights to the drug from the universities.
BiolineRX earlier reported success in the Phase IIb trial of BL-1020, which achieved all the primary and secondary endpoints, including significant improvement in patients' cognitive function. The follow-on trial included patients who completed the main trial, and continued treatment with a higher dosage of BL-1020 for six more weeks.
BiolineRX said that the results of the follow-on study validated the results of the Phase IIb trial, demonstrating that BL-1020 was effective and safe, and has the potential of patients' cognitive function.
BiolineRX CEO Dr. Kinneret Savitsky said, "The additional positive results will strengthen the basis for collaboration with international pharmaceutical companies, in order to complete development of BL-1020."
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is BiolineRX's largest shareholder, with a 9.83% holding. BiolineRX's share rose 6.2% in morning trading today to NIS 4.04, giving a market cap of NIS 476 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 17, 2010
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