BioLineRx Inc. (NASDAQ: BLRX) stock hiked by 7.89% in the after-hours trading session. BioLineRx Ltd. is an oncology-focused late-stage biopharmaceutical start-up. The business plan of the company is to in-license novel compounds, advance them via clinical phases, and then collaborate with drug companies for further clinical development and/or marketing.
BLRX stock’ Financial Highlights
BioLineRx announced financial results for the third quarter of 2021. Given below are the highlights:
- For the third quarter of 2021, research and development expenses were $4.9 million, up $1.4 million or 41.3 percent from $3.5 million for the same period in 2020.
- Sales and marketing expenses were $0.2 million for the third quarter of 2021, down $0.1 million or 20.1 percent from $0.3 million for the same period in 2020.
- General and administrative expenses for the third quarter of 2021 were $1.1 million, up $0.2 million (or 22.3%) from $0.9 million in the same period last year. The majority of the hike was due to the rise in directors’ and officers’ insurance.
- The Company’s operating loss for the three months ended September 30, 2021, was $6.2 million, relative to $4.6 million for the third quarter of 2020.
- The Company’s total loss for the third quarter of 2021 was $5.7 million, compared to $4.6 million for the same period in 2020.
- As of September 30, 2021, the Company has $62.2 million in cash, cash equivalents, and short-term bank deposits.
Philip Serlin, CEO of BioLineRx commented,
The most notable favorable outcomes from a pharmacoeconomic trial of Motixafortide in stem cell mobilization for multiple myeloma patients have been reported since their last quarterly report. In comparison to G-CSF alone, using Motixafortide on top of G-CSF led to an overall cost savings of $17,000 per patient, not considering the cost of Motixafortide, due to fewer G-CSF doses and very few apheresis sessions and related expenses. These cost savings should allow them to enhance their Motixafortide pricing approach at launch and beyond, assuming it is authorized.
