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F-1
BIOLINERX LTD. filed this Form F-1 on 10/02/2012
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8

 
 
 
The following table sets forth our selected consolidated financial data for the periods ended and as of the dates indicated.  The following selected historical consolidated financial data for our company should be read in conjunction with the historical financial information, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, our consolidated financial statements and related footnotes, and other information provided elsewhere in this prospectus.  The selected consolidated financial data in this section is not intended to replace the consolidated financial statements and is qualified in its entirety thereby.
 
We have derived the selected consolidated financial statements as of the periods ended December 31, 2011 and 2010 and for each of the three years in the period ended December 31, 2011 from our audited consolidated financial statements included elsewhere in this prospectus.  We derived the selected consolidated statements as of December 31, 2009, 2008 and 2007 and for the years ended December 31, 2008 and 2007 from our audited consolidated financial statements not included in this prospectus.
 
We derived the selected consolidated financial data as of and for the six months ended June 30, 2012 and June 30, 2011 from our unaudited consolidated financial statements included elsewhere in this prospectus. In the opinion of our management, our unaudited consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our financial position, results of operations and cash flows as of and for the periods indicated therein. The results of operations for the six months ended June 30, 2012 and June 30, 2011 are not necessarily indicative of the operating results to be expected for the full fiscal years encompassing those periods.
 
Our consolidated financial statements included in this prospectus were prepared in NIS in accordance with IFRS.
 
   
Year Ended December 31,
   
Six Months Ended June 30,
 
Consolidated Statements of Operations Data:(1)
 
2007
   
2008
   
2009
   
2010
   
2011
   
2011
   
2012
   
2012(2)
 
   
(in thousands, except share and per share data)
       
   
NIS
   
U.S.$
 
                                                 
Revenues
                63,909       113,160                          
Cost of revenues
                (22,622 )     (25,571 )                        
Operating expenses:
                                                               
Research and development, expenses net
    (75,863 )     (106,156 )     (90,302 )     (54,966 )     (42,623 )     (16,789 )     (30,675 )     (7,819 )
Sales and marketing expenses
                (3,085 )     (4,609 )     (3,308 )     (2,073 )     (1,714 )     (437 )
General and administrative expenses
    (13,611 )     (13,083 )     (11,182 )     (14,875 )     (12,722 )     (6,274 )     (6,481 )     (1,652 )
Gain on adjusting warrants to fair value
    27,557       3,658                                      
Operating profit (loss)
    (61,917 )     (115,581 )     (63,282 )     13,139       (58,653 )     (25,136 )     (38,870 )     (9,908 )
Non-operating income, net
                                        5,531       1,410  
Financial income
    7,875       13,001       3,928       3,056       12,730       1,820       6,496       1,656  
Financial expenses
    (5,377 )     (12,269 )     (2,164 )     (8,755 )     (4,263 )     (4,732 )     (2,403 )     (612 )
Net profit (loss)
    (59,419 )     (114,849 )     (61,518 )     7,440       (50,186 )     (28,048 )     (29,246 )     (7,454 )
Net profit (loss) per ordinary share(3)
    (0.88 )     (1.44 )     (0.63 )     0.06       (0.41 )     (0.23 )     (0.18 )     (0.04 )
Number of ordinary shares used in
    computing profit (loss) per ordinary
    share
    69,302,075       78,131,103       123,497,029       123,512,098       123,603,141       123,592,794       176,056,151       176,056,151  
 
   
As of December 31,
   
As of June 30,
 
Consolidated Balance Sheet Data:
 
2007
   
2008
   
2009
   
2010
   
2011
   
2012
   
2012(2)
 
   
(in thousands)
 
   
NIS
   
U.S.$
 
Cash and cash equivalents
    193,798       60,379       105,890       111,746       33,061       63,819       16,268  
Short-term bank deposits
                      28,037       65,782       56,084       14,296  
Property, plant and equipment, net
    3,730       5,484       4,175       4,509       4,211       3,647       930  
Total assets
    207,883       115,728       159,167       154,613       111,660       130,475       33,260  
Total liabilities
    24,630       37,342       41,230       22,653       25,902       36,656       9,344  
Total shareholders’ equity
    183,253       78,386       117,937       131,960       85,758       93,819       23,916  
 
(1)
Data on diluted loss per share was not presented in the financial statements because the effect of the exercise of the options is anti-dilutive.
(2)
Calculated using the exchange rate reported by the Bank of Israel for June 30, 2012 at the rate of one U.S. dollar per NIS 3.923.
(3)
The net loss per share for the years ended December 31, 2007 and 2008 has been adjusted to reflect the benefit component related to the 2009 issuance of rights to investors.