Specialized drug developer BioLineRx today announced that current investors Giza Venture Capital, Pitango Venture Capital and Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA; TASE: TEVA) have committed an additional $9 million in funding to the company.
The $9 million follow-on investment is on top of the original founders' commitment of approximately $14 million, which also included Hadasit, Star Ventures, and the Jerusalem Development Authority, and is supplemented by the $21 million Israeli National Biotech Initiative grant that BioLineRx received in November of last year.
Founded in 2003, BioLineRx is committed to building a pipeline of proprietary therapeutic products. The additional funds will be used to advance the company's promising drug candidates through clinical trials and to continue to build BioLineRx's pipeline.
"Since its formation BioLineRx and our leading team of drug developers have proven our ability to identify, in-license and develop high potential candidates, leveraging the power of Israel's innovations in the fields of chemistry, biology and targeted therapeutic research. BioLineRx's uniqueness lies in our in-licensing model, which allows the company to generate a robust pipeline of molecules that can be partnered with global players for introduction to the market," said BioLineRx CEO Dr. Morris Laster.
Since May 2004, BioLineRx has in-licensed nine compounds with eight currently in various stages of preclinical development.
BioLineRx management anticipates that the company's BL-1020 first-in-class treatment for schizophrenia will enter human clinical trials in the first quarter of 2006.
BioLineRx is also completing preliminary toxicology and efficacy experiments for BL-1030, BioLineRx's novel small molecule for inflammatory bowel disease. BL-1030 will now begin full pre-clinical testing, with "first in man" planned for early 2007.
BL-1040, BioLineRx's innovative treatment for acute myocardial infarction has begun long term feasibility testing, and BL-2040, a novel small molecule for metabolic syndrome has successfully completed its first stage of efficacy testing. BL-2040 now begins a final set of toxicity and efficacy experiments in preparation for full pre-clinical development.
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, September 26, 2005