BiolineRX Ltd. (Nasdaq: BLRX); TASE:BLRX) today announced in its financial report for 2012 that it is advanced talks on a joint development agreement for BL-8030 for the treatment of hepatitis C, which could substantially expedite the development process.
Analysis of the remarks by BiolineRX CEO Dr. Kinneret Savitsky implies that the deal is not yet a material commercialization agreement, but an earlier stage deal involving joint investment in development of the drug. Nonetheless, this is an interesting development for the product, which is still in the preclinical stage. There have been other development collaboration agreements signed for hepatitis C drugs in the preclinical stage.
BL-8030 is an orally-available small molecule. It suppresses the substance thought critical for the replication of the hepatitis virus.
Savitsky added that, in early 2012, the company entered the hepatitis C market through the in-licensing of two orally-available compounds, and that BL-8020 will begin a Phase I/II clinical trial next month. She added that the interim results of the Phase II/III clinical trial on the company's lead compound, BL-1020 for schizophrenia, next week.
During 2013, BiolineRX will also begin a Phase II clinical trial on BL-8040 for the treatment of leukemia and other blood cancers in the second quarter; complete the prototype of BL-5010 for the treatment skin lesions by midyear and begin a pivotal CE Mark registration trial in Europe in the second half of the year; receive the results of the Phase IIa proof-of-concept trial of BL-7040 for the treatment of inflammatory bowel disease; and begin a Phase I/II clinical trial of BL-8020 for treatment of hepatitis C in April
BiolineRX had no revenue in 2012. Net cash used in operations rose to NIS 75.1 million ($20.1 million) in 2012 from NIS 42.7 million in 2011, due to increased R&D. Net cash from investing activities totaled NIS 51.3 million and net cash from financing activities was NIS 58.9 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013