Last summer, BiolineRX Ltd. (TASE:BLRX) signed a large commercialization agreement with Ikaria Holdings Inc. Today, following success in the Phase I/II clinical trial of BiolineRX's cardiac treatment, BL-1040, the company has earned a $10 million milestone payment from Ikaria.
BiolineRX will transfer $2.5 million of the payment to Ben Gurion University of the Negev.
BiolineRX is developing a number of drugs, taking developments in academe through preclinical and clinical trials to commercialization agreements. The company currently has 11 drugs under development. BL-1040 is the only drug for which it has signed a commercialization agreement.
BiolineRX has already earned a $7 million first payment from Ikaria, when the commercialization agreement was signed. Total income under the agreement could reach hundreds of millions of dollars, if the company meets all the stipulated milestones.
BiolineRX's share price rose 4.4% today to NIS 4.56, giving a market cap of NIS 123 million.
Published by Globes [online], Israel business news - www.globes-online.com - on April 28, 2010
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