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Is that why BioLineRx Ltda. (BLRX) stock booming in the Pre-market session

BioLineRx Ltda. (NASDAQ: BLRX) the share price plunged in the premarket session today. the stock was down -22.40% to $2.460. BLRX stock is trading at a distance of 61.04% from its 200-days Simple Moving Average.

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BioLineRx, Ltd. (NASDAQ: BLRX) is an oncology-focused late-stage biopharmaceutical company. Getting corporate partnerships with pharmaceutical companies to facilitate clinical development and commercialization of novel compounds is the Company’s main business model.

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On January 20, 2021, BioLineRx Ltda. (NASDAQ: BLRX)has confirmed that the underwriter agreed to raise by a demand 12,500,000 US Depositary Shares (ADSs) of the Company, at a public price of $2.40 per ADS, minus underwriting discounts and costs, the amount of the bid and acquisition previously advertised on a firm commitment basis. Every Advertising represents 15 common shares of the Company, par value NIS 0.10 per share. It is estimated that the bid will be closed on or around 22 January 2021 according to customary closing conditions.

H.C. Wainwright & Co. is the exclusive book runner for the bid.

The Corporation also offered the underwriter a 30-day option to buy up to 1,875,000 ADS, excluding underwriting discount and commission for the public offering price.

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The gross profits to BioLineRx are estimated to be about $30 million, until deducing discounts and fees and proposing costs and without exercising the underwriter’s option to buy additional Advertisements. The Business plans to use the net profit from this initiative for general corporate purposes that could require working capital and clinical trials but are not limited to them.

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