Company Update (NASDAQ:BLRX): BioLineRx Closes $28.75 Million Underwritten Public Offering of its American Depositary Shares


BioLineRx (NASDAQ:BLRX), a clinical-stage biopharmaceutical company dedicated to identifying, in-licensing and developing promising therapeutic candidates, announced that it has closed its previously announced underwritten public offering of 14,375,000 American Depositary Shares (“ADSs”), each representing ten (10) of its Ordinary Shares, at a public offering price of $2.00 per ADS, for gross proceeds of $28.75 million. All of the ADSs in the offering were sold by BioLineRx. The amount of ADSs sold includes an additional 1,875,000 ADSs purchased by the underwriters pursuant to the over-allotment option granted to them by BioLineRx.

JMP Securities acted as sole book-running manager for the offering. Roth Capital Partnersacted as lead manager. Maxim Group LLC acted as co-manager.

The ADSs were issued pursuant to a shelf registration statement that was previously filed with, and declared effective by, the Securities and Exchange Commission (SEC). A final prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offer, if at all, will be made only by means of a prospectus supplement and accompanying prospectus forming a part of the effective registration statement, copies of which may be obtained, when available, from JMP Securities LLC, 600 Montgomery Street, 10th Floor, San Francisco, California 94111, Attention: Prospectus Department, or by telephone: (415) 835-8985.

Shares of Biolinerx opened today at $2.2 and are currently trading down at $2.11. BLRX has a 1-year high of $3.28 and a 1-year low of $1.20. The stock’s 50-day moving average is $2.07 and it’s 200-day moving average is $1.68.

On the ratings front, Biolinerx has been the subject of a number of recent research reports. In a report issued on January 14, Roth Capital analyst Joseph Pantginis maintained a Buy rating on BLRX, with a price target of $10.50, which implies an upside of 377.3% from current levels. Separately, on January 7, Maxim Group’s Jason Kolbert reiterated a Buy rating on the stock and has a price target of $8.

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 has a total average return of 18.2% and 13.0% respectively. Pantginis has a success rate of 58.6% and is ranked 31 out of 3511 while Kolbert has a success rate of 47.9% and is ranked 177

Bioline Rx Ltd is a clinical stage biopharmaceutical development company engaged in identifying, in-licensing & developing therapeutic compounds in areas of central nervous system, oncology, cardiovascular, & infectious diseases, among others.

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