BioLineRx Announces Plans to Launch ADR Program on NASDAQ
Jul. 5, 2011
Source: BioLineRx Press Release
BioLineRx (TASE:BLRX), a biopharmaceutical drug development company, today announced that it plans to list its shares through American Depositary Receipts (ADRs), to be traded on the NASDAQ under ticker “BLRX.” The Bank of New York Mellon has been appointed as the Company's depositary bank.
“We believe that the ADR program is the best way to initially expand our reach to investors in the United States,” stated Dr. Kinneret Savitsky, BioLineRx's CEO. “We look forward to being able to offer US investors the opportunity to invest in BioLineRx through a premier, cutting-edge exchange like the NASDAQ.”
BioLineRx Ltd. 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 five clinical stage candidates: BL-1020 for schizophrenia is in Phase II/III clinical trials; BL-1040, for treatment of patients following a myocardial infarction has completed a Phase I/II study and has been out-licensed to Ikaria Inc. for a total deal value of $282.5 million, in addition to sales royalties; 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 and BL-7040 for treating Inflammatory Bowel Disease (IBD) has completed Phase I. In addition, BioLineRx has nine products in various pre-clinical development stages for a variety of indications, including central nervous system diseases, oncology, 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 estimates and timetables in this release with respect to final listing approval from the SEC, as well as the Company’s future fundraising plans, are considered forward-looking statements, which involve certain risks and uncertainties and are based on information available to the Company at the time of this release. Such estimates may not be realized or may be only partially realized, due to factors that cannot be foreseen and are not under the control of the Company, including delays in the receipt of approvals from the SEC, risk factors relating to the activities of the Company, and the state of the capital markets in both the US and in Israel. The Company assumes no responsibility for updating forward-looking statements made herein or otherwise.