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      BioLineRx Reports 2022 Financial Results and Recent Corporate and Portfolio Updates


      News provided by

      BioLineRx Ltd.

      Mar 22, 2023, 07:00 ET

      Share this article

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      - Announced FDA Acceptance of APHEXDA® (motixafortide) New Drug Application (NDA) in Stem Cell Mobilization with Prescription Drug User Fee Act (PDUFA) Target Action Date of September 9, 2023 -

      - Named Tami Rachmilewitz, M.D., as new Chief Medical Officer and Completed Formation of U.S. Commercial Leadership Team with Extensive Drug Launch and Sales Experience -

      - Entered into Clinical Trial Collaboration with Washington University School of Medicine to Evaluate Motixafortide for Hematopoietic Stem Cell Mobilization for Gene Therapies in Sickle Cell Disease  -

      - Management to hold conference call today, March 22, at 10:00 am EDT -

      TEL AVIV, Israel, March 22, 2023 /PRNewswire/ -- BioLineRx Ltd. (NASDAQ: BLRX) (TASE: BLRX), a pre-commercial-stage biopharmaceutical company focused on oncology, today reported its audited 2022 annual financial results for the year ended December 31, 2022, and provided recent corporate and portfolio updates.

      "Over the last quarter and into this year, we continue to proceed with activities to advance the NDA review process of APHEXDA®, while in parallel progressing with pre-launch activities in anticipation of potential approval later this year," said Philip Serlin, Chief Executive Officer of BioLineRx.  "Importantly,  we recently announced the appointment of our new chief medical officer and completed the formation of our U.S. commercialization team that includes industry veterans with significant and very relevant drug launch and sales experience.  Additionally, we announced a new collaboration to evaluate motixafortide for stem cell mobilization for gene therapies in sickle cell disease, which continues our goal of fully maximizing its clinical potential for patients.  This is an extremely exciting year for the Company, with the potential commercial approval of our first product, anticipated pancreatic cancer clinical trial data, as well as the planned initiation of two new clinical trials that may further our growth."

      Recent Corporate Updates

      • Appointed Tami Rachmilewitz, M.D. as Chief Medical Officer
      • Finalized formation of the U.S. commercial leadership team, which collectively has significant drug launch and sales experience, with particular expertise in stem cell mobilization and transplantation

      Portfolio Execution

      Motixafortide (selective inhibitor of CXCR4 chemokine receptor)

      Multiple Myeloma

      • Announced FDA acceptance of the APHEXDA® (motixafortide) NDA in stem cell mobilization for autologous transplantation in multiple myeloma patients. PDUFA target action date set for September 9, 2023
      • Presented a cost-effectiveness analysis of APHEXDA® (motixafortide) versus plerixafor in stem cell mobilization for autologous transplantation in patients with multiple myeloma at the American Society of Hematology (ASH) 64th Annual Meeting, which was held December 10-13, 2022, in New Orleans, Louisiana. The analysis demonstrated significant net cost savings with APHEXADA® (motixafortide)

      Pancreatic Ductal Adenocarcinoma (PDAC)

      • Continued to advance preparation activities for a Phase 2b randomized clinical trial with 200 patients assessing motixafortide in combination with a PD-1 inhibitor and standard-of-care chemotherapy as a first line metastatic PDAC (mPDAC) therapy with collaboration partner GenFleet. Anticipate clinical trial initiation in 2023
      • Continued collaboration progress with Columbia University investigator-initiated Phase 2 study assessing motixafortide in combination with the PD-1 inhibitor cemiplimab and standard-of-care chemotherapy in first line mPDAC patients.  Anticipate initial patient data in 2023

      Sickle Cell Disease & Gene Therapy

      • Announced clinical trial collaboration with Washington University School of Medicine in St. Louis to evaluate motixafortide as monotherapy and in combination with natalizumab for CD34+ hematopoietic stem cell mobilization for gene therapies in sickle cell disease.  Anticipate clinical trial initiation in 2023. Clinical trial design was presented at the American Society of Hematology (ASH) 64th Annual Meeting, which was held December 10-13, 2022, in New Orleans, Louisiana

      AGI-134 (synthetic alpha-Gal glycolipid)

      Solid Tumor Immunotherapy

      • Announced results from Phase 1/2a study of investigational anti-tumor vaccine AGI-134 in metastatic solid tumors.  First-in-human, single-agent study met primary endpoint for safety and tolerability and demonstrated immune activity across multiple biomarkers. The Company is evaluating potential development program pathways in consultation with its scientific advisory board

      Financial Results for Year Ended December 31, 2022

      • Research and development expenses for the year ended December 31, 2022, were $17.6 million compared to $19.5 million for the year ended December 31, 2021. The decrease resulted primarily from lower expenses related to NDA supporting activities related to motixafortide, as well as lower expenses associated with the completed motixafortide GENESIS clinical trial, offset by an increase in expenses associated with the AGI-134 study and an increase in payroll and related expenses
      • Sales and marketing expenses for the year ended December 31, 2022, were $6.5 million compared to $1.0 million the year ended December 31, 2021. The increase resulted primarily from initiation of pre-commercialization activities related to motixafortide, as well as an increase in market research
      • General and administrative expenses for the year ended December 31, 2022, were $5.1 million compared to $4.3 million for the year ended December 31, 2021. The increase resulted primarily from an increase in share-based compensation and small increases in a number of general and administrative expenses
      • Net loss for the year ended December 31, 2022, was $25.0 million, compared to $27.1 million for the year ended December 31, 2021
      • As of December 31, 2022, the Company had cash, cash equivalents, and short-term bank deposits of $51.1 million and anticipates this will be sufficient to fund operations, as currently planned, into the first half of 2024

      A copy of the Company's annual report on Form 20-F for the year ended December 31, 2022 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on the Company's investor relations website at https://ir.biolinerx.com.The Company will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at [email protected].

      Conference Call and Webcast Information

      BioLineRx will hold a conference call today, Wednesday, March 22 at 10:00 a.m. EDT.

      To access the conference call, please dial +1-888-281-1167 from the U.S. or +972-3-918-0685 internationally.  A live webcast and a replay of the call can be accessed through the event page on the Company's website.  Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.  The call replay will be available approximately two hours after completion of the live conference call.  A dial-in replay of the call will be available until March 24, 2023; please dial +1-888-295-2634 from the US or +972-3-925-5904 internationally.

      About BioLineRx

      BioLineRx Ltd. (NASDAQ/TASE: BLRX) is a pre-commercial-stage biopharmaceutical company focused on oncology. The Company's lead development program, motixafortide, a novel selective inhibitor of the CXCR4 chemokine receptor, may support diverse therapeutic approaches in oncology and other diseases. APHEXDA® (motixafortide) was successfully evaluated in a Phase 3 study in stem cell mobilization for autologous transplantation for multiple myeloma patients, has reported positive results from a pre-planned pharmacoeconomic study in the U.S., and has had its NDA submission accepted by the FDA with an assigned PDUFA date of September 9, 2023.  Motixafortide was also successfully evaluated in a Phase 2a study for the treatment of metastatic pancreatic cancer (mPDAC) in combination with the PD-1 inhibitor pembrolizumab and chemotherapy and is currently being studied in combination with the PD-1 inhibitor cemiplimab and chemotherapy as a first line mPDAC therapy. In addition, a randomized phase 2b study with 200 patients assessing motixafortide in combination with a PD-1 inhibitor and chemotherapy as a first line mPDAC therapy is expected to initiate in 2023. BioLineRx is also developing a second oncology program, AGI-134, an immunotherapy treatment for multiple solid tumors. A first-in-human Phase 1/2a study of AGI-134 met its primary endpoint for safety and tolerability and demonstrated immune activity across multiple biomarkers.  For additional information on BioLineRx, please visit the Company's website at www.biolinerx.com, where you can review the Company's SEC filings, press releases, announcements and events.

      Forward Looking Statement

      Various statements in this release concerning BioLineRx's future expectations constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," and "would," and describe opinions about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of BioLineRx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause BioLineRx's actual results to differ materially from those expressed or implied in such forward-looking statements include, but are not limited to: the initiation, timing, progress and results of BioLineRx's preclinical studies, clinical trials and other therapeutic candidate development efforts; BioLineRx's ability to advance its therapeutic candidates into clinical trials or to successfully complete its preclinical studies or clinical trials; BioLineRx's receipt of regulatory approvals for its therapeutic candidates, and the timing of other regulatory filings and approvals; the clinical development, commercialization and market acceptance of BioLineRx's therapeutic candidates; BioLineRx's ability to establish and maintain corporate collaborations; BioLineRx's ability to integrate new therapeutic candidates and new personnel; the interpretation of the properties and characteristics of BioLineRx's therapeutic candidates and of the results obtained with its therapeutic candidates in preclinical studies or clinical trials; the implementation of BioLineRx's business model and strategic plans for its business and therapeutic candidates; the scope of protection BioLineRx is able to establish and maintain for intellectual property rights covering its therapeutic candidates and its ability to operate its business without infringing the intellectual property rights of others; estimates of BioLineRx's expenses, future revenues, capital requirements and its needs for and ability to access sufficient additional financing; risks related to changes in healthcare laws, rules and regulations in the United States or elsewhere; competitive companies, technologies and BioLineRx's industry; risks related to unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; and statements as to the impact of the political and security situation in Israel on BioLineRx's business. These and other factors are more fully discussed in the "Risk Factors" section of BioLineRx's most recent annual report on Form 20-F filed with the Securities and Exchange Commission on March 22, 2023. In addition, any forward-looking statements represent BioLineRx's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. BioLineRx does not assume any obligation to update any forward-looking statements unless required by law.

      Contacts:

      United States

      John Lacey
      BioLineRx
      [email protected]

      Israel

      Moran Meir
      LifeSci Advisors, LLC
      [email protected]

      BioLineRx Ltd.

      CONSOLIDATED STATEMENTS OF FINANCIAL POSITION






      December 31,



      2021

      2022



      in USD thousands

      Assets




      CURRENT ASSETS




      Cash and cash equivalents


      12,990

      10,587

      Short-term bank deposits


      44,145

      40,495

      Prepaid expenses


      127

      198

      Other receivables


      142

      721

            Total current assets


      57,404

      52,001





      NON-CURRENT ASSETS




      Property and equipment, net


      952

      726

      Right-of-use assets, net


      1,331

      1,772

      Intangible assets, net


      21,704

      21,885

                Total non-current assets


      23,987

      24,383

                Total assets


      81,391

      76,384





      Liabilities and equity




      CURRENT LIABILITIES




      Current maturities of long-term loans


      2,757

      1,542

      Accounts payable and accruals:




           Trade


      5,567

      6,966

           Other


      1,227

      1,744

      Current maturities of lease liabilities


      168

      427

                Total current liabilities


      9,719

      10,679





      NON-CURRENT LIABILITIES




      Warrants


      1,859

      4,509

      Long-term loans, net of current maturities


      -

      8,626

      Lease liabilities


      1,726

      1,729

                Total non-current liabilities


      3,585

      14,864





      COMMITMENTS AND CONTINGENT LIABILITIES




                Total liabilities


      13,304

      25,543





      EQUITY




      Ordinary shares


      21,066

      27,100

      Share premium


      339,346

      338,976

      Warrants


      975

      1,408

      Capital reserve


      13,157

      14,765

      Other comprehensive loss


      (1,416)

      (1,416)

      Accumulated deficit


      (305,041)

      (329,992)

                Total equity


      68,087

      50,841

                Total liabilities and equity


      81,391

      76,384

      BioLineRx Ltd.

      CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS


      Year ended December 31,




      2020

      2021

      2022




      in USD thousands







      RESEARCH AND DEVELOPMENT EXPENSES


      (18,173)

      (19,466)

      (17,629)

      SALES AND MARKETING EXPENSES


      (840)

      (1,003)

      (6,462)

      GENERAL AND ADMINISTRATIVE EXPENSES


      (3,914)

      (4,308)

      (5,066)

      OPERATING LOSS


      (22,927)

      (24,777)

      (29,157)

      NON-OPERATING INCOME (EXPENSES), NET


      (5,701)

      (1,830)

      5,670

      FINANCIAL INCOME


      236

      559

      694

      FINANCIAL EXPENSES


      (1,629)

      (1,006)

      (2,158)

      LOSS AND COMPREHENSIVE LOSS


      (30,021)

      (27,054)

      (24,951)








      in USD


      LOSS PER ORDINARY SHARE – BASIC AND DILUTED


      (0.12)

      (0.04)

      (0.03)







      WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE


      252,844,394

      662,933,695

      773,956,973















      BioLineRx Ltd.

      STATEMENTS OF CHANGES IN EQUITY

      Ordinary shares

      Share premium

      Warrants

      Capital reserve

      Other comprehensive
       loss

      Accumulated deficit

      Total


      in USD thousands

      BALANCE AT JANUARY 1, 2020

      4,692

      265,938

      -

      12,132

      (1,416)

      (247,966)

      33,380

      CHANGES IN 2020:








        Issuance of share capital and warrants, net

      4,777

      9,395

      -

      -

      -

      -

      14,172

        Warrants exercised

      393

      2,826

      -

      -

      -

      -

      3,219

        Employee stock options exercised

      8

      228

      -

      (228)

      -

      -

      8

        Employee stock options expired

      -

      854

      -

      (854)

      -

      -

      -

        Share-based compensation   

      -

      -

      -

      1,272

      -

      -

      1,272

        Comprehensive loss for the year

      -

      -

      -

      -

      -

      (30,021)

      (30,021)

      BALANCE AT DECEMBER 31, 2020

      9,870

      279,241

      -

      12,322

      (1,416)

      (277,987)

      22,030

      CHANGES IN 2021:








        Issuance of share capital and warrants, net

      8,956

      40,476

      975

      -

      -

      -

      50,407

        Warrants exercised

      2,235

      18,967

      -

      -

      -

      -

      21,202

        Employee stock options exercised

      5

      41

      -

      (39)

      -

      -

      7

        Employee stock options expired

      -

      621

      -

      (621)

      -

      -

      -

        Share-based compensation   

      -

      -

      -

      1,495

      -

      -

      1,495

        Comprehensive loss for the year

      -

      -

      -


      -

      (27,054)

      (27,054)

      BALANCE AT DECEMBER 31, 2021

      21,066

      339,346

      975

      13,157

      (1,416)

      (305,041)

      68,087

      CHANGES IN 2022:








        Issuance of share capital and warrants, net

      6,029

      (1,007)

      433

      -

      -

      -

      5,455

        Employee stock options exercised

      5

      14

      -

      (14)

      -

      -

      5

        Employee stock options expired

      -

      623

      -

      (623)

      -

      -

      -

        Share-based compensation   

      -

      -

      -

      2,245

      -

      -

      2,245

       Comprehensive loss for the year

      -

      -

      -


      -

      (24,951)

      (24,951)

      BALANCE AT DECEMBER 31, 2022

      27,100

      338,976

      1,408

      14,765

      (1,416)

      (329,992)

      50,841

      BioLineRx Ltd.

      CONSOLIDATED STATEMENTS OF CASH FLOWS

      Year ended December 31,


      2020

      2021

      2022


      in USD thousands

      CASH FLOWS - OPERATING ACTIVITIES




           Loss

      (30,021)

      (27,054)

      (24,951)

           Adjustments required to reflect net cash used in operating activities (see appendix below)

      6,815

      3,481

      (1,289)

      Net cash used in operating activities

      (23,206)

      (23,573)

      (26,240)





      CASH FLOWS - INVESTING ACTIVITIES




           Investments in short-term deposits

      (33,500)

      (78,000)

      (44,000)

           Maturities of short-term deposits

      50,168

      39,873

      48,322

           Purchase of property and equipment

      -

      (97)

      (131)

           Purchase of intangible assets

      -

      -

      (185)

      Net cash provided by (used in) investing activities

      16,668

      (38,224)

      4,006





      CASH FLOWS - FINANCING ACTIVITIES




           Issuance of share capital and warrants, net of issuance costs

      19,246

      50,407

      14,359

           Exercise of warrants

      1,969

      10,907

      -

           Employee stock options exercised

      8

      7

      5

      Proceeds from long-term loan, net of issuance costs

      -

      -

      9,126

           Repayments of loans

      (3,133)

      (3,376)

      (2,832)

           Repayments of lease liabilities

      (224)

      (196)

      (220)

      Net cash provided by financing activities

      17,866

      57,749

      20,438





      INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

      11,328

      (4,048)

      (1,796)

      CASH AND CASH EQUIVALENTS - BEGINNING

         OF YEAR

      5,297

      16,831

      12,990

      EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS

      206

      207

      (607)

      CASH AND CASH EQUIVALENTS - END OF YEAR

      16,831

      12,990

      10,587





      BioLineRx Ltd.

      CONSOLIDATED STATEMENTS OF CASH FLOWS

      Year ended December 31,



      2020

      2021

      2022


      in USD thousands


      APPENDIX








      Adjustments required to reflect net cash used in operating activities:




      Income and expenses not involving cash flows:




      Depreciation and amortization

      934

      703

      654

      Exchange differences on cash and cash equivalents

      (206)

      (207)

      607

      Fair value adjustments of warrants

      5,142

      1,936

      (6,425)

      Share-based compensation

      1,272

      1,495

      2,245

      Interest and exchange differences on short-term deposits

      (232)

      (262)

      (672)

      Interest accrued

      474

      301

      1,117

      Warrant issuance costs

      594

      -

      171

      Exchange differences on lease liabilities

      125

      55

      (224)


      8,103

      4,021

      (2,527)





      Changes in operating asset and liability items:




      Decrease (increase) in prepaid expenses and other receivables

      428

      24

      (650)

      Increase (decrease) in accounts payable and accruals

      (1,716)

      (564)

      1,888


      (1,288)

      (540)

      1,238


      6,815

      3,481

      (1,289)






      Supplemental information on interest received in cash

      381

      138

      342

      Supplemental information on interest paid in cash

      994

      682

      593

      Supplemental information on non-cash transactions:




      Changes in right-of-use asset and lease liabilities

      13

      183

      706

      Warrant issuance costs

      -

      -

      262

      Purchase of property and equipment

      -

      -

      28

      Fair value of exercised warrants (portion related to accumulated fair value adjustments)

      1,251

      10,295

      -

      SOURCE BioLineRx Ltd.

      Modal title

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