BioLineRx Ltd., a commercial stage biopharmaceutical company known for pursuing transformative therapies in the oncology and rare diseases sectors, has made a significant stride in advancing its innovative drug developments. The company, based in Tel Aviv, Israel, has successfully accessed a second tranche of $20 million from a $40 million non-dilutive debt financing agreement, underscoring a milestone in its quest to bring life-changing treatments to the market.

This financial infusion, managed by BlackRock EMEA Venture and Growth Lending, highlights a pivotal moment for BioLineRx, enabling the further acceleration of APHEXDA® within stem cell mobilization, especially for multiple myeloma treatment. Furthermore, it propels life-cycle expansion activities associated with sickle cell disease and sustains the development of motixafortide for tackling metastatic pancreatic cancer.

The funding agreement between BioLineRx and BlackRock, initially inked in September 2022, showcases a strategic partnership aimed at fuelling BioLineRx’s pipeline of potentially groundbreaking therapies. According to Philip Serlin, CEO of BioLineRx, accessing this funding will significantly bolster the commercial trajectory of APHEXDA® as well as expedite various life-cycle and developmental programs within the company’s portfolio.

Following the structure of the funding agreement, BioLineRx had earlier accessed a first tranche of $10 million upon the execution of the definitive agreement. The availability of subsequent tranches was contingent upon achieving pre-specified milestones, with a remaining tranche of $10 million potentially accessible through October 1, 2024.

This financing scheme, which does not dilute shareholders’ equity, serves as a testament to BioLineRx’s innovative approach to funding. It further encapsulates a unique collaboration where BlackRock is entitled to royalties from APHEXDA (motixafortide) sales, highlighting a shared vision for the drug’s success without necessitating BioLineRx to part with equity or issue warrants.

In addition to the latest funding drawdown, BioLineRx boasted a healthy financial standing as of December 31, 2023, with $43.0 million in cash, cash equivalents, and short-term bank deposits. A recent registered direct equity offering also augmented the company’s finances by an additional $6 million.

Looking ahead, BioLineRx has delineated its expected milestones, emphasizing a continued commercial ramp-up of APHEXDA in the U.S. and expanding its commercial foothold in Asia through a collaboration with Gloria BioSciences. This includes the initiation of a bridging study in China and the recruitment completion in Phase 1 pilot study of motixafortide for gene therapy applications in sickle cell disease.

Moreover, BioLineRx has demonstrated commitment towards advancing its Chemo4MetPanc Phase 2b clinical trial in metastatic pancreatic cancer, sponsored by Columbia University. This underscores the company’s proactive engagement in researching and developing potential treatments for hard-to-tackle diseases.

BioLineRx Ltd., standing at the intersection of innovation and clinical need, continues to navigate the intricate landscape of biopharmaceutical development with strategic financial partnerships and an unwavering commitment to transforming patient care in oncology and rare diseases.