Initial clinical results achieved to-date for the main indications being developed under the BL-8040 platform; strong balance sheet with sufficient cash to fund clinical trials scheduled till early 2020; target price increased by 10% to 5.67.
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Summary of Highlights
On August 1st BioLineRx announced the initiation of a Phase 1/2a clinical study for AGI-134, a novel immunotherapy for the treatment of solid tumors.
On August 7th BioLineRx announced positive results for the first part of the study of its Phase 3 GENESIS Trial in stem-cell mobilization.
We increase our equity valuation of BioLineRx by 10% to $165.9M / NIS 612M, corresponding to a target price ranging between NIS 5.52 and NIS 5.84; a mean of NIS 5.67. Thus, 1 ADS (representing 1 ordinary share) is equal to $1.54.
About the company - BioLineRx Ltd. (hereinafter: "BioLineRx" or "the Company") is an Israeli clinical-stage biopharmaceutical company focused on oncology and immunology. In 2007, the company was listed on the Tel Aviv Stock Exchange. In July 2011, the company registered American Depositary Shares (ADSs) with the NASDAQ. The Company in-licenses compounds, develops them through pre-clinical and/or clinical stages, and then partners with pharmaceutical companies for advanced clinical development and/or commercialization.
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