BioLineRx Ltd. (BLRX) Surges on Hep-C Play
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BioLineRx Ltd. (Nasdaq: BLRX) is moving up sharply in pre-open action following news this morning that its signed a license agreement with Genoscience to develop and commercialize BL-8020, an orally available treatment for Hepatitis C.
Dr. Kinneret Savitsky, CEO of BioLineRx, said, "We are excited about entering the field of Hepatitis C therapeutics, which is a very important field in the pharmaceutical market today. The current global Hepatitis market is estimated at approximately $6.5 billion and is growing steadily. Current therapies are characterized by numerous severe side effects, long treatment duration and development of resistance. In these respects, BL-8020 has a demonstrated safety and efficacy profile, may shorten therapy duration and may combat resistance by acting as an add-on platform which can potentially be combined with other oral Hepatitis C therapies to increase their efficacy."
Momentum trades are all over the stock as Hep-C has been a hot area, with multiple takeovers.
BLRX last traded up 28 percent to $4.20.
Dr. Kinneret Savitsky, CEO of BioLineRx, said, "We are excited about entering the field of Hepatitis C therapeutics, which is a very important field in the pharmaceutical market today. The current global Hepatitis market is estimated at approximately $6.5 billion and is growing steadily. Current therapies are characterized by numerous severe side effects, long treatment duration and development of resistance. In these respects, BL-8020 has a demonstrated safety and efficacy profile, may shorten therapy duration and may combat resistance by acting as an add-on platform which can potentially be combined with other oral Hepatitis C therapies to increase their efficacy."
Momentum trades are all over the stock as Hep-C has been a hot area, with multiple takeovers.
BLRX last traded up 28 percent to $4.20.
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