JERUSALEM--(BUSINESS WIRE)--Feb. 6, 2013--
BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a biopharmaceutical
development company, announced today that it has entered into a
definitive agreement with leading healthcare investor OrbiMed Israel
Partners Limited Partnership, an affiliate of OrbiMed Advisors LLC
(“OrbiMed”), pursuant to which OrbiMed has agreed to purchase 2,666,667
American Depositary Shares (“ADSs”), each representing ten (10) of its
Ordinary Shares, and 1,600,000 warrants to purchase an additional
1,600,000 ADSs, at a unit price of $3.00. The warrants have an exercise
price of $3.94 per warrant and are exercisable for a term of five years.
The Company will receive proceeds of $8,000,000, before deducting
customary offering expenses, which it expects to use to fund clinical
trials and for working capital and general corporate purposes.
The offering is expected to close on or about February 11, 2013, subject
to satisfaction of customary closing conditions.
"We are extremely pleased to welcome OrbiMed, one of the world’s leading
healthcare investment firms, as an investor in BioLineRx," said Dr.
Kinneret Savitsky, Chief Executive Officer of BioLineRx. "The capital
raised will help us to continue with the accelerated development of our
clinical and pre-clinical stage therapeutic assets."
The offering is being made pursuant to an effective shelf registration
statement on Form F-3 (File No. 333-182997) previously filed with, and
declared effective by, the Securities and Exchange Commission (SEC). A
prospectus supplement and an accompanying prospectus will be filed with
the SEC in connection with the offering. Before you invest, you should
read the base prospectus in such shelf registration statement, the
prospectus supplement, and other documents the Company has filed with
the SEC, for more complete information about the Company and this
offering. The offering may be made only by means of a prospectus
supplement and the accompanying prospectus, copies of which may be
obtained for free by visiting EDGAR on the SEC website at www.sec.gov
or by sending a request to the offices of the Company, P.O. Box 45158,
19 Hartum Street, Jerusalem 91450, Israel, or by telephone at +
972-2-548-9100, or email: info@BioLineRx.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any of the ADSs, Ordinary Shares, or
Warrants of the Company, nor shall there be any sale of these ADSs,
Ordinary Shares or Warrants of the Company, in any state or other
jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of
any such state or other jurisdiction.
BioLineRx is a publicly-traded biopharmaceutical development company.
BioLineRx is dedicated to building a portfolio of products for unmet
medical needs or with advantages over currently available therapies.
BioLineRx’s current portfolio consists of six clinical stage candidates:
BL-1020 for schizophrenia is currently undergoing a Phase II/III study;
BL-1040, for prevention of pathological cardiac remodeling following a
myocardial infarction, which has been out-licensed to Ikaria Inc., is
currently undergoing a pivotal CE-Mark registration trial; BL-5010 for
non-surgical removal of skin lesions has completed a Phase I/II study;
BL-1021 for neuropathic pain is in Phase I development, BL-7040 for
treating inflammatory bowel disease (IBD) is currently undergoing a
Phase II trial, and BL-8040 for treating acute myeloid leukemia (AML)
and other hematological cancers has completed Phase I. In addition,
BioLineRx has eight products in various pre-clinical development stages
for a variety of indications, including central nervous system diseases,
infectious diseases, cardiovascular and autoimmune diseases.
BioLineRx’s business model is based on acquiring molecules mainly from
biotechnological incubators and academic institutions. The Company
performs feasibility assessment studies and development through
pre-clinical and clinical stages, with partial funding from the Israeli
Government’s Office of the Chief Scientist (OCS). The final stage
includes partnering with medium and large pharmaceutical companies for
advanced clinical development (Phase III) and commercialization. For
more information on BioLineRx, please visit www.biolinerx.com,
the content of which does not form a part of this press release.
Various statements in this release concerning BioLineRx’s future
expectations constitute “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements include words such as “may,” “expects,” “anticipates,”
“believes,” and “intends,” and describe opinions about future events.
These forward-looking statements involve known and unknown risks and
uncertainties that may cause the actual results, performance or
achievements of BioLineRx to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Some of these risks are: risks and
uncertainties associated with market conditions and the satisfaction of
customary closing conditions related to the proposed offering. These and
other factors are more fully discussed in the “Risk Factors” section of
BioLineRx’s most recent annual report on Form 20-F filed with the
Securities and Exchange Commission on March 22, 2012. In addition, any
forward-looking statements represent BioLineRx’s views only as of the
date of this release and should not be relied upon as representing its
views as of any subsequent date. BioLineRx does not assume any
obligation to update any forward-looking statements unless required by
Source: BioLineRx Ltd.
KCSA Strategic Communications
Garth Russell, 1-212-896-1250
Haitovsky, Public Relations