Bioline RX Ltd (NASDAQ:BLRX) announced that BVF Partners L.P. (BVF), its largest shareholder, has entered into a definitive agreement to make an additional, direct investment of $9.6 million in BioLineRx, increasing its economic interest in the Company to 24.9%. The sale is expected to close on or about July 31, 2017, subject to satisfaction of customary closing conditions.
BVF’s new investment is priced at $1.13 per unit. Each unit consists of 1 ordinary share, 0.35 of a Series A warrant, and 0.35 of a Series B warrant. The Series A warrants have an exercise price of $2.00 per ordinary share and a 4-year term. The Series B warrants have an exercise price of $4.00 per ordinary share and a 4-year term. The securities are being offered pursuant to a prospectus as a registered direct placement.
Mark Lampert, Founder and President of BVF Partners L.P., commented: “BioLineRx’s therapeutic pipeline, strategic collaborations, scientific breadth and capabilities provide for a compelling investment opportunity for BVF. We are pleased to support the Company in the continued advancement of its clinical programs.”
Philip A. Serlin, Chief Executive Officer of BioLineRx, remarked, “We thank BVF for their support and confidence. BVF’s new direct investment, on the heels of its recent initial investment in the Company this past March, provides us with additional resources to accelerate our clinical development programs. We continue to execute on our clinical development strategy and look forward to the data readouts from our multiple clinical studies.”
The securities will be issued pursuant to a shelf registration statement that was previously filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). (Original Source)
Shares of Bioline RX closed yesterday at $0.925, down $0.01 or -0.54%. BLRX has a 1-year high of $1.42 and a 1-year low of $0.75. The stock’s 50-day moving average is $0.87 and its 200-day moving average is $0.96.
On the ratings front, Bioline RX has been the subject of a number of recent research reports. In a report issued on July 10, Maxim Group analyst Jason McCarthy reiterated a Buy rating on BLRX, with a price target of $3, which represents a potential upside of 224% from where the stock is currently trading. Separately, on June 2, H.C. Wainwright’s Joseph Pantginis reiterated a Buy rating on the stock and has a price target of $4.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason McCarthy and Joseph Pantginis have a yearly average loss of -10.9% and -17.9% respectively. McCarthy has a success rate of 33% and is ranked #4549 out of 4608 analysts, while Pantginis has a success rate of 30% and is ranked #4569.
BioLineRx Ltd. is a clinical-stage biopharmaceutical company, which includes indentifying, in-licensing, and developing therapeutic candidates. Its in-licenses novel compounds, primarily from academic institutions and biotech companies based in Israel, and develops them through pre-clinical and clinical stages, and then partners with pharmaceutical companies clinical development and commercialization.