BioLineRx Reports Narrower 2013 Loss

Zacks

BioLineRx (BLRX) reported full year 2013 loss of 8 cents per share, narrower than the 2012 loss of 12 cents per share. The Zacks Consensus Estimate was a loss of 74 cents per share.

The company did not record any revenues during the year 2013.

Year in Detail

Research and development expenses declined 31% year over year to $12.7 million mainly due to the termination of the CLARITY study on BL-1020 in Mar 2013. General and administrative expenses decreased 6% year over year to $3.8 million due to one-time expenses for professional services incurred in 2012. Selling and marketing expenses increased 28% year over year to $1.2 million due to rising business development activities, and professional services relating to the collaboration agreement signed with JHL Biotech.

Pipeline Update

BioLineRx is evaluating BL-8040 for the indication of acute myeloid leukemia (:AML) and other hematological indications, including stem cell mobilization.  BL-8040 is in phase II for the treatment AML with results expected at the end of 2014 or early 2015. The phase I trial for the treatment of stem cell mobilization is expected to start in the first half of 2014 with results expected in the second half of 2014. The U.S. Food and Drug Administration (:FDA) granted an orphan drug designation to BL-8040 for the treatment of stem cell mobilization and AML.

Another candidate, BL-7010 is being evaluated for the treatment of celiac disease. Recently, BioLineRx announced the successful completion of the single administration, dose-escalation stage of the ongoing phase I/II study on BL-7010. The repeated administration stage of the study will soon be initiated. In this stage of the study, patients will receive either BL-7010 or placebo thrice per day for a period of two weeks. Top-line results from the phase I/II study will be out in mid-2014.

BioLineRx entered into three collaboration agreements in 2013, which include deals with JHL Biotech for BL-9020, Genoscience and Panmed for BL-8020 and CTTQ for BL-8030.

BioLineRx carries a Zacks Rank #2 (Buy). The year 2013 saw significant effort in therapeutic areas of oncology and immunology through collaboration agreements and an emphasis on clinical-stage programs. BioLineRx’ two lead pipeline candidates are BL-8040 and BL-7010.

Investors looking for better-ranked stocks in the biopharma sector may consider companies like Questcor Pharmaceuticals, Inc. (QCOR), Shire (SHPG) and Alkermes (ALKS), all of which carry a Zacks Rank #1 (Strong Buy).

Read the Full Research Report on ALKS
Read the Full Research Report on SHPG
Read the Full Research Report on QCOR
Read the Full Research Report on BLRX


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