Bioline RX Ltd (NASDAQ:BLRX), a clinical-stage biopharmaceutical company dedicated to identifying, in-licensing and developing promising therapeutic candidates, announced that it has received confirmation from the European Notified Body regarding the classification of BL-7010, a novel polymer for the treatment of celiac disease, as a Class IIb medical device in the European Union.
Kinneret Savitsky, Ph.D., Chief Executive Officer of BioLineRx, commented, “We are very excited to receive confirmation for the medical device designation pathway in Europe for our BL-7010 program. We are now preparing the next steps in the development of this product, including the next clinical efficacy study which we expect to commence in mid-2016.”
“In parallel, we are also continuing to evaluate the potential of BL-7010 as a food supplement. This evaluation is based on the fact that the non-celiac gluten sensitivity population is approximately 10 times larger than the celiac population. In addition, the time to market is significantly shorter for food supplements compared to prescription drugs or devices,” added Dr. Savitsky. (Original Source)
Shares of Biolinerx closed last Friday at $1.03 . BLRX has a 1-year high of $3.28 and a 1-year low of $0.85. The stock’s 50-day moving average is $1.21 and its 200-day moving average is $1.50.
On the ratings front, Biolinerx has been the subject of a number of recent research reports. In a report issued on January 12, Roth Capital analyst Joseph Pantginis maintained a Buy rating on BLRX, with a price target of $7, which implies an upside of 579.6% from current levels. Separately, on November 16, Maxim Group’s Jason Kolbert assigned a Buy rating to the stock .
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Joseph Pantginis and Jason Kolbert have a total average return of -12.2% and -20.2% respectively. Pantginis has a success rate of 31.7% and is ranked #3592 out of 3608 analysts, while Kolbert has a success rate of 24.4% and is ranked #3606.
Bioline Rx Ltd is a clinical stage biopharmaceutical development company engaged in identifying, in-licensing & developing therapeutic compounds.