The drug development company reported a net loss of NIS 16.5 million for the first quarter.
BiolineRX Ltd. (TASE:BLRX) today published its financial report for the first quarter of 2007. The company posted a net loss of NIS 16.5 million (NIS 0.41 per share), compared with NIS 16 million (NIS 1.24 per share) for the corresponding quarter of 2006.
BiolineRX spent NIS 14.5 million on R&D during the quarter, the same as during the corresponding quarter, and the company used NIS 3 million in cash for investment. The company had NIS 243.8 million in cash at the end of the first quarter, compared with NIS 6.5 million at the end of 2006, after it raised NIS 198 million in an issue of shares and warrants in February.
In January, BiolineRX obtained a $9 million loan, convertible into shares, from an investor. The investor also pledged $5 million for developing drugs still in the early research stage. The company also obtained a NIS 2.9 million long-term loan from the Office of the Chief Scientist.
Published by Globes [online], Israel business news - www.globes.co.il - on May 21, 2007
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