Home Top Movers BioLineRx Ltd. (BLRX) Stock Floats Back Down After Skyrocketing from Success of...

BioLineRx Ltd. (BLRX) Stock Floats Back Down After Skyrocketing from Success of GENESIS Trial

BioLineRx Ltd. (BLRX) stock prices were down by 3.38% as of the market closing on May 7th, 2021, bringing the price per share down to USD$3.72. Subsequent pre-market fluctuations saw the price fall by another 4.30%, bringing it to USD$3.56.

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Phase 3 GENESIS Trial

The achieving of top-line results by BLRX for their GENESIS Phase 3 trial in multiple myeloma patients was announced on May 4th, 2021. The clinical trial aimed to assess the clinical drug candidate, Motixafortide, in conjunction with granulocyte colony-stimulating factor for the hematopoietic stem-cell mobilization for autologous bone marrow transplantation.

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Huge Success of GENESIS Trial

With 90% of patients in the treatment arm of the study moving on to transplantation after a single apheresis session, the immense success of the GENESIS study was clearly demonstrated. This development signals a substantial reduction in the burden placed on both patients and hospitals in the allocation of their resources. With promising consistency across all twelve different sensitivity analyses, the trial achieved statistical significant across its primary and all of its secondary endpoints.

Solid Liquidity Position

As of December 31st, 2020, BLRX reported having cash, cash equivalents, and short-term bank deposits of USD$22.6 million. Significantly contributing to this solid liquidity position was the company’s recent underwritten public offering, which generated USD$34.5 million. BLRX also generated gross proceeds of USD$9.8 million from the exercising of outstanding warrants.

Motixafortide Commercialization

The company continues to aggressively develop Motixafortide so it can be granted regulatory approval for a transplant setting in patients with multiple myeloma. A New Drug Application is expected to be filed for the drug by BLRX by Q3 2022, while the company continues to facilitate the actualization of the potential of the drug in various stem-cell mobilization indications.

Exploring Various Avenues

Portions of the extensive capital generated by BLRX were allocated towards the sustained execution of the company’s strategy for Motixafortide in SCM as well as PDM. Additionally, the company is simultaneously working on advancing their second clinical candidate through its clinical development. The anti-cancer immunotherapy AGI-134has enjoyed substantial success so far and has the potential to be a highly lucrative venture upon commercialization.

Balanced Product Portfolio

The company also reported being on the lookout for a biopharmaceutical partner to collaborate with in regard to the development of the success of the company’s Phase 2a COMBAT/KEYNOTE-202 PDAC study. The massive success showed how Motixafortide and KEYTRUDA in conjunction with chemotherapy resulted in the best performing historical data across all endpoints. The success is good news for a demographic of patients that is very difficult to treat, with their second-line metastatic PDA and some with unresectable stage IV disease.

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Future Outlook for BLRX

News of the immense success of BLRX’s clinical trials sent its stock prices skyrocketing. Recently, the stock has experienced some corrections as short-term investors cash out. Nevertheless, the company hopes to maintain such outstanding growth in value as it works towards the proliferation of its flagship therapy as the standard in healthcare.

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