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TEL AVIV/OSLO - BioLineRx Ltd. (NASDAQ:BLRX), currently valued at $16.17 million and trading below its InvestingPro Fair Value, and Norwegian biotech Hemispherian AS announced Monday the formation of a joint venture to develop GLIX1, a first-in-class oral small molecule targeting glioblastoma and other cancers.
The drug candidate works by restoring TET2 enzyme activity in cancer cells, causing double-stranded DNA breaks specifically in tumor cells. The FDA cleared an Investigational New Drug application for GLIX1 in August, with a Phase 1/2a clinical trial expected to begin in the first quarter of 2026.
Under the agreement, Hemispherian will contribute global rights to GLIX1 while BioLineRx will manage and fund development activities. Hemispherian will initially hold 60% of the joint venture, with BioLineRx holding 40%. BioLineRx’s stake could increase to a maximum of 70% based on continued investment. According to InvestingPro data, BioLineRx maintains a healthy current ratio of 2.06 and holds more cash than debt on its balance sheet, though the company is quickly burning through its cash reserves.
"This joint venture combines our expertise in DNA damage response research with BioLineRx’s proven track record of clinical and regulatory success," said Zeno Albisser, CEO of Hemispherian, in the press release.
The Phase 1 portion of the upcoming trial will enroll up to 30 patients with recurrent glioblastoma, with data expected in the first half of 2027. The Phase 2a expansion will include three cohorts: GLIX1 as monotherapy in recurrent glioblastoma, GLIX1 with standard care in newly diagnosed patients, and GLIX1 combined with PARP inhibitors in other solid tumors.
Glioblastoma is the most aggressive form of primary brain cancer, with most patients surviving less than 18 months after diagnosis. The companies estimate the addressable market for glioblastoma treatments will reach approximately $3.8 billion annually across the U.S. and five European countries by 2030.
BioLineRx confirmed its cash runway extends into the first half of 2027. For deeper insights into BioLineRx’s financial health and detailed analysis of biotech companies, including comprehensive Fair Value models and expert research reports, visit InvestingPro, where you’ll find exclusive financial metrics and investment tools designed for biotechnology investors.
In other recent news, BioLineRx Ltd. reported its second-quarter 2025 earnings, revealing a net loss of $3.9 million. The company emphasized significant restructuring efforts and promising clinical developments as part of its strategic shift towards oncology and rare diseases. BioLineRx also noted a 70% reduction in operating cash burn, which may interest investors focused on financial efficiency. These developments suggest a renewed focus on specific medical areas, although the financial results indicate ongoing challenges. The company’s recent earnings call did not mention any mergers or acquisitions. Analyst feedback on BioLineRx’s performance and future expectations was not provided in the recent updates. Investors may want to watch for further developments in BioLineRx’s strategic initiatives and financial performance.
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