BioLineRx posts 2Q loss but looks forward to future milestones

BioLineRx Ltd (NASDAQ-BLRX) reported a second-quarter net loss on Monday but the company is upbeat on progress it is making on a number of treatments it is developing with its partners.

The company’s net loss for the second quarter reached US$4.8mln, compared with a net loss of US$4.9mln for the same year-ago period. BioLineRx said its net loss for the six months ended June 30 amounted to US$11mln, up from a net loss of US$9.8mln in the same period in 2017. 

The company held $41.1 million in cash, cash equivalents and short-term bank deposits as of June 30, 2018.

READ: Oppenheimer reiterates Outperform rating on BioLineRx after positive data from GENISIS study of BL-8040

BioLineRx said it was looking forward to top-line results in a Phase 2a study pancreatic cancer in combination with Keutruda in a collaboration with Merck which is to be presented at the European Society for Medical Oncology (ESMO) Congress in October 2018.

There are also partial results in a Phase 1b/2 study for pancreatic cancer under a collaboration with Genentech that is expected in the second half of 2018.  

Shares of BioLineRx were barely changed in premarket trade on Monday. The stock crawled up to trade at US$0.88, against the Friday close of US$0.8797.

BioLine is an Israeli-based company focused on developing cancer and immunology treatments. 

Contact Rene Pastor at [email protected]

Story by ProactiveInvestors