BioLineRx (BLRX) Enters 2.7M ADS DIrect Placement

February 6, 2013 9:50 AM EST Send to a Friend
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BioLineRx Ltd. (Nasdaq: BLRX) has entered into a definitive agreement with leading healthcare investor OrbiMed Israel Partners Limited Partnership, an affiliate of OrbiMed Advisors LLC (“OrbiMed”), pursuant to which OrbiMed has agreed to purchase 2,666,667 American Depositary Shares (“ADSs”), each representing ten (10) of its Ordinary Shares, and 1,600,000 warrants to purchase an additional 1,600,000 ADSs, at a unit price of $3.00. The warrants have an exercise price of $3.94 per warrant and are exercisable for a term of five years.

The Company will receive proceeds of $8,000,000, before deducting customary offering expenses, which it expects to use to fund clinical trials and for working capital and general corporate purposes.

The offering is expected to close on or about February 11, 2013, subject to satisfaction of customary closing conditions.


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