BiolineRX Ltd. (Nasdaq: BLRX); TASE:BLRX) has raised $15 million in a private placement to US institutional investors that focus on healthcare. In a filing with the US Securities and Exchange Commission (SEC), the company is allotting 5,245,000 American Depositary Shares (ADS) at $2.86 per ADS, plus warrants for the purchase of up to 2,622,500 ADSs at an exercise price of $3.57 per ADS.
The company estimates the net proceeds of the offering at $14.1 million. Roth Capital was the sole underwriter for the offering.
BioLineRx has five drug candidates undergoing clinical trials: Phase II/III study for its schizophrenia treatment BL-1020; an EU CE-Mark registration trial for BL-1040 for the prevention of pathological cardiac remodeling after a heart attack; a Phase I/II study of BL-5010 for non-surgical removal of skin lesions; a Phase I trial of BL-1021 for neuropathic pain; and a Phase I trial of BL-7040 for the treatment of Inflammatory Bowel Disease. BL-1040 was out-licensed to Ikaria Inc. for $282.5 million, plus future royalties on sales. The company has 13 additional drug candidates un preclinical development for diseases of the central nervous system diseases, various cancers, infectious diseases, and cardiovascular and autoimmune diseases.
BiolineRX's share price fell 10.7% by midday on the TASE today to NIS 1.24, after falling 8.9% on Nasdaq yesterday to $3.57, giving a market cap of $44 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 16, 2012
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