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BioLineRx, Ltd. (BLRX) Message Board

  • biotuesday biotuesday Feb 6, 2013 10:58 AM Flag

    BT: BioLineRx attracts OrbiMed investment

    BioLineRx attracts OrbiMed investment
    February 6, 2013 by Jennifer Poland · Leave a Comment

    An affiliate of OrbiMed Advisors has agreed to purchase 2,666,667 American Depositary Shares of BioLineRx (NASDAQ, TASE:BLRX), each representing 10 ordinary shares, and 1.6 million warrants to purchase an additional 1.6 million ADSs, at a unit price of $3.00 each.

    Proceeds of $8-million, before deducting customary offering expenses, will be used to fund clinical trials and for working capital and general corporate purposes. The warrants have an exercise price of $3.94 and are exercisable for five years. The offering is expected to close on Feb. 11.

    “We are extremely pleased to welcome OrbiMed, one of the world’s leading healthcare investment firms, as an investor in BioLineRx,” CEO Dr. Kinneret Savitsky said in a statement. “The capital raised will help us to continue with the accelerated development of our clinical and pre-clinical stage therapeutic assets.”

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