BioLineRx Ltd. (BLRX) announced positive topline results of its GENESIS Phase 3 trial after which the BLRX stock price saw a surge of 65.52% to reach $5.28 a share as of this writing. BLRX stock went up by 1.59% at the previous closing. Let’s deep dive to explore more of it.
GENESIS Phase 3 Trial:
GENESIS Phase 3 Trial study is the evaluation of BioLineRx’s lead candidate Motixafortide in combination with granulocyte colony-stimulating factor(G-CSF). This combination is for the hematopoietic stem-cell mobilization for autologous bone marrow transplantation in multiple patients suffering from myeloma.
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122 patients were enrolled in this study and statistical analysis favored the Motixafortide combination with G-CSF in all primary and secondary endpoints. The overall study was impressive, and the combination was safe and well-tolerated. Results show that 90% of patients after undergoing one apheresis session proceeded to transplantation for the arm treatment.
According to the lead investigator of the study John DiPersio, MD, Washington University School of Medicine, the positive GENESIS study would reduce the hospital resources and alleviate the burden of the patients.
The CEO of BioLineRx stock, Philip Serlinsaid that the positive results from the GENESIS phase 3 trial exceeded their expectations and transformational for BLRX stock. Furthermore, BioLineRx’s goal to become standard of care for autologous bone-marrow transplantation would get much support from these positive results.
Financial View of BLRX stock:
- For the fiscal year ended December 31, 2020, research and development expenses of BLRX stock reduced by 22.5% from the previous year to drop at $18.2 million.
- Sales and marketing expenses of $0.8 million represented no change in 2020 from 2019.
- General and administrative expenses increased from $3.8 million in 2019 to $3.9 million in 2020 due to an increase in D&O insurance as well as share-based compensation.
- Operating loss for BLRX stock totaled $22.9 million for the year 2020 and the net loss reached $30 million as compared to $25.5 million in the previous year.
As of December 31, 2020, BioLineRx had cash, cash equivalents, and short-term bank deposits of $22.6 million.BLRX stock raised $34.5 million and $9.8 million from gross proceeds in an underwritten public offering and exercising of outstanding warrants, respectively.
BLRX stock has captivated the attention of investors after the announcement of positive top-line result GENESIS phase 3 trial. Management is focused to get regulatory approval for Motixafortide as soon as possible. Hence individuals need to keep an eye on this stock.