Roth 'Encouraged' by Progress, Biz Development of BioLineRx's (BLRX) BL-5010; Affirms 'Buy' Rating

Roth Capital affirms BioLineRx (Nasdaq: BLRX) at Buy with a price target of $10.50 after the company announced that it has entered into an exclusive out-licensing agreement with Omega Pharma for the rights to BioLineRx’s BL-5010, a novel product for the non-surgical removal of benign skin lesions, for OTC indications in the territory of Europe, Australia and additional selected countries.

Analyst Joseph Pantginis commented, We are encouraged by the continued progress and business development activities at BLRX. BL-5010 is an aqueous formulation of approved components that is applied topically and removes benign skin lesions within a one month period or less. The solution is stored in a disposable pen-like device, BL-5010P and both were classified as Class IIa medical devices in the E.U. for purposes of approval. The product completed a Phase I/II pilot study in 60 patients with seborrheic keratosis (SK) and had a 96.7% efficiency rate of lesion removal within 30 days. BLRX already received approval from the German regulatory authorities to initiate a pivotal CE Mark registration study in up to 20 patients that will have lesion removal rate at 30, 90 and 180 days as primary endpoints.

We estimate that Omega will be able to carry on from this point onward with BL-5010 development and potentially receive approval in 2016. We believe these continued business development activities not only leverage BLRX's clinical development efforts and financial position but also increase its visibility for both investors and potential partners alike. In 2015, we expect the stock to be poised for growth with multiple catalysts expected throughout the year.

For an analyst ratings summary and ratings history on BioLineRx click here. For more ratings news on BioLineRx click here.

BioLineRx closed at $1.69 yesterday.

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