Roth Capital Affirms BioLineRx (BLRX) at 'Buy' Following BL-8040 Update

Roth Capital affirms BioLineRx, Ltd. (BLRX) at Buy with a price target of $10.50 after the company announced successful completion of the dose escalation stage of its ongoing Phase 2 study of BL-8040, and commencement of the expansion stage at the optimal dose of this novel treatment for acute myeloid leukemia (AML).

Analyst Joseph Pantginis commented, We continue to be encouraged by 8040's push forward as a potential new treatment for AML (continuing unmet medical need) and stem cell mobilization. This is part of our projection of a strong increase in investor visibility over the course of 2015. A major upcoming milestone is the readout of BL-1040's PRESERVATION I study, expected in mid-2015 with six months follow-up for all patients.

Bellerophon is in discussions with FDA regarding the U.S. study, PRESERVATION-II, that could potentially start in 1H16. Regarding BL-7010, the company is currently conducting non-clinical studies in preparation for the CE pivotal study initiation in Europe, expected later this year and study completion expected in late 2016. While the E.U. study targets all celiac patients, the expected U.S. study will focus on symptomatic patients who represent 30% of celiac patients. The pre-IND toxicity studies are expected to be done next year.

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