Investor Relations (IR) Questions: BioLineRx Ltd $BLRX
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Answers received: April 2013
1) When is the last time BLRX raised cash through an offering (diluted)?
- In February 2013, BLRX issued 2,666,667 of our ADSs to OrbiMed Israel Partners Limited Partnership, or OrbiMed, for a purchase price of $3.00 per ADS. OrbiMed also received 1,600,000 five-year warrants to purchase ADSs at an exercise price of $3.94 per ADS. BioLineRx received $8 million of proceeds from this financing.
2) How much cash (not cash equivalents) does BLRX have?
- As of March 20, 2013, BLRX reported approximately $28 million in cash.
3) What and approximately when is the next known catalyst?
- The next known catalyst is BL-7040, an oligonucleotide for inflammatory bowel disease, which will complete its Phase IIa trial at the end of this month.
4) What is BLRX's quarterly cash burn?
- BLRX anticipates a reduction in spending, due to the termination of the trial, of about $6 to 7 million, which will bring their burn rate probably in the neighborhood of between $12 and 14 million a year. As mentioned above, the Company has a little over $28 million of cash right now, so that should give them a runway of at least 2 years.
5) Does BLRX have an existing line of credit and if so how much can they draw against it?
- BLRX currently has an existing purchase agreement for the sale, from time to time, of up to $15 million of their ADSs to Lincoln Park Capital Fund, LLC. During the 36-month term of the purchase agreement, BioLine controls the timing and amount of any sales to LPC, if and when they decide, in accordance with the purchase agreement.
On a cumulative basis through March 5, 2013, BLRX has issued a total of 1,568,811 ADSs to LPC in accordance with the purchase agreement, and there are an additional 2,629,787 ADSs registered for sale under the agreement that may be issued during the remaining term of the purchase agreement.
Please let us know if you have any additional questions.
Thanks,
Diane
--
Diane Imas
Senior Account Executive
KCSA Strategic Communications
For more due diligence information, visit the BLRX stock research page.
1) When is the last time BLRX raised cash through an offering (diluted)?
- In February 2013, BLRX issued 2,666,667 of our ADSs to OrbiMed Israel Partners Limited Partnership, or OrbiMed, for a purchase price of $3.00 per ADS. OrbiMed also received 1,600,000 five-year warrants to purchase ADSs at an exercise price of $3.94 per ADS. BioLineRx received $8 million of proceeds from this financing.
2) How much cash (not cash equivalents) does BLRX have?
- As of March 20, 2013, BLRX reported approximately $28 million in cash.
3) What and approximately when is the next known catalyst?
- The next known catalyst is BL-7040, an oligonucleotide for inflammatory bowel disease, which will complete its Phase IIa trial at the end of this month.
4) What is BLRX's quarterly cash burn?
- BLRX anticipates a reduction in spending, due to the termination of the trial, of about $6 to 7 million, which will bring their burn rate probably in the neighborhood of between $12 and 14 million a year. As mentioned above, the Company has a little over $28 million of cash right now, so that should give them a runway of at least 2 years.
5) Does BLRX have an existing line of credit and if so how much can they draw against it?
- BLRX currently has an existing purchase agreement for the sale, from time to time, of up to $15 million of their ADSs to Lincoln Park Capital Fund, LLC. During the 36-month term of the purchase agreement, BioLine controls the timing and amount of any sales to LPC, if and when they decide, in accordance with the purchase agreement.
On a cumulative basis through March 5, 2013, BLRX has issued a total of 1,568,811 ADSs to LPC in accordance with the purchase agreement, and there are an additional 2,629,787 ADSs registered for sale under the agreement that may be issued during the remaining term of the purchase agreement.
Please let us know if you have any additional questions.
Thanks,
Diane
--
Diane Imas
Senior Account Executive
KCSA Strategic Communications
For more due diligence information, visit the BLRX stock research page.