Net ﬁnancial expenses amounted to NIS 4.2 million ($1.2 million) for the year ended December 31, 2013, a change of NIS 5.5 million ($1.6 million), compared to net ﬁnancial income of NIS 1.3 million ($0.4 million) for the year ended December 31, 2012. Net financial income and expenses result primarily from changes in the average exchange rate of the dollar in relation to the NIS during the respective periods, which have a direct effect on our net assets denominated in dollars.
The Company’s net loss for the year ended December 31, 2013 amounted to NIS 61.4 million ($17.7 million), compared with a net loss of NIS 76.3 million ($22.0 million) for the year ended December 31, 2012.
The Company held NIS 63.2 million ($18.2 million) in cash, cash equivalents and short-term bank deposits as of December 31, 2013. In March 2014, the Company completed an underwritten public offering of its American Depositary Shares for gross proceeds of $24.1 million.
Net cash used in operating activities was NIS 70.5 million for the year ended December 31, 2013, compared with NIS 75.1 million for the year ended December 31, 2012. The NIS 4.6 million decrease in net cash used in operating activities during 2013 resulted primarily from the decrease in research and development spending.
Net cash used in investing activities for the year ended December 31, 2013 was NIS 19.8 million, compared to net cash provided by investing activities of NIS 51.3 million for the year ended December 31, 2012. The changes in cash flows from investing activities relate primarily to investments in, and maturities of, short-term bank deposits and other investments during the respective periods.
Net cash provided by financing activities for the year ended December 31, 2013 was NIS 55.2 million, compared to net cash provided by financing activities of NIS 58.9 million for the year ended December 31, 2012. The cash flows from financing activities in 2013 reflect the direct placement to OrbiMed completed in February 2013, as well as funding under the share purchase agreement with Lincoln Park Capital. The cash flows from financing activities in 2012 reflect the private placement completed in February 2012.
Conference Call and Webcast Information
BioLineRx will hold a conference call to discuss its year-end 2013 results today, March 17, 2014, at 10:00 a.m. EDT. A presentation will be available on BioLineRx’s website to accompany management’s remarks on the call. To access the conference call, please dial 1-888-668-9141 from the U.S., or +972-3-918-0609 internationally. The call will also be available via live webcast through BioLineRx’s website. A replay of the conference call will be available approximately two hours after completion of the live conference call. To access the replay, please dial 1-888-269-0005 from the U.S. or +972-3-925-5938 internationally. The replay will be available through March 20, 2014.
BioLineRx is a publicly-traded, clinical-stage biopharmaceutical company dedicated to identifying, in-licensing and developing promising therapeutic candidates. The Company in-licenses novel compounds primarily from academic institutions and biotech companies based in Israel, develops them through pre-clinical and/or clinical stages, and then partners with pharmaceutical companies for advanced clinical development and/or commercialization.