BiolineRX Ltd. (TASE:BLRX) today announced that it is in advanced talks with a US pharmaceutical company, whose name it did not disclose, on the terms of secondary licensing agreement to complete the R&D on BiolineRX's BL-1020 drug for the treatment of schizophrenia.
BL-1020 is BiolineRX's most advanced drug candidate, having completed a Phase IIb clinical trial. The drug was found to be safe and effective, and no metabolic side effects.
Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) is an investor in BiolineRX's with a 9.6%, after Pan Atlantic Bank and Trust Ltd. BiolineRX's share price rose 5.4% in early trading on the TASE today to NIS 4.10, giving a market cap of NIS 408 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2010
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