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TEL AVIV - BioLineRx Ltd. (NASDAQ:TASE: BLRX), a biopharmaceutical company focused on oncology and rare diseases with a market capitalization of $14 million, unveiled new data from its CheMo4METPANC Phase 2 trial at the American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago. According to InvestingPro analysis, the company currently trades near its Fair Value, maintaining a strong liquidity position with a current ratio of 2.27x. The trial evaluates the efficacy of motixafortide in combination with other cancer therapies in treating pancreatic cancer (PDAC).
The pilot phase of the trial showed that four out of eleven patients remained progression-free for over a year. Furthermore, two patients have undergone definitive treatment with significant responses, including one who achieved complete resolution of liver lesions and another who demonstrated a complete response after a pancreaticoduodenectomy. While advancing its clinical programs, InvestingPro data reveals the company holds more cash than debt on its balance sheet, though it’s currently experiencing rapid cash burn - a common characteristic in the biotech development phase.
The treatment combines motixafortide, a CXCR4 inhibitor, with the PD-1 inhibitor cemiplimab and standard chemotherapies gemcitabine and nab-paclitaxel. This regimen was compared to the standard chemotherapy alone. Early results suggest the combination therapy may improve patient outcomes by overcoming the immunosuppressive tumor microenvironment and enhancing CD8+ T-cell infiltration.
The trial’s initial results indicate a 64% overall response rate and a 91% disease control rate, which are notably higher than historical rates with gemcitabine and nab-paclitaxel alone. Encouraged by these findings, the study was expanded to a randomized trial with an increased enrollment target of 108 patients. Full enrollment is expected by 2027, with an interim analysis planned after 40% of progression-free survival (PFS) events are observed.
Pancreatic cancer is known for its low early diagnosis rate and dire prognosis. Current statistics underscore the urgency for new treatments, as metastatic cases have a 5-year relative survival rate of only 3%.
Motixafortide is also approved in the U.S. for stem cell mobilization for autologous transplantation in multiple myeloma patients and is being developed and commercialized by Ayrmid Ltd. and Gloria Biosciences.
BioLineRx CEO Philip Serlin expressed optimism about the pilot phase results, highlighting the potential of the motixafortide combination to improve outcomes in challenging tumor types. The company looks forward to the ongoing randomized study results.
This report is based on a press release statement from BioLineRx Ltd.
In other recent news, BioLineRx has reported significant developments that are drawing attention from investors. The company announced its first-quarter 2025 financial results, revealing earnings per share (EPS) of $1.39, a notable improvement over the estimated ($0.84). This was largely due to warrant accounting adjustments. Additionally, BioLineRx generated $0.3 million in revenue for the quarter, with APHEXDA contributing $1.4 million in U.S. sales, translating into $0.3 million in royalty revenue.
H.C. Wainwright has maintained its Buy rating on BioLineRx, raising the stock’s price target to $26.00, reflecting confidence in the company’s financial performance and clinical pipeline. Conversely, Jones Trading has downgraded BioLineRx from Buy to Hold, highlighting the importance of future pipeline developments for stock performance. The company has also been focusing on its CheMo4METPANC Phase 2b trial for Pancreatic Ductal Adenocarcinoma, with full patient enrollment anticipated by 2027.
BioLineRx’s strategic initiatives include in-licensing new assets and advancing them through clinical proof-of-concept stages, funded by milestones and royalties from out-licensing deals. The company has also signed an exclusive license agreement with Ayrmid Ltd for the development and commercialization of APHEXDA outside of solid tumors. These moves are part of a broader financial restructuring, which includes reducing operating expenses and securing a cash runway expected to last into the second half of 2026.
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