Aegis Capital maintained BioLineRx, Ltd. (Nasdaq: BLRX) at Buy with a $7 price target following Q1 results. After markets closed Tuesday, BioLineRx reported Q1 EPS of ($0.01), $0.10 better than the analyst estimate of ($0.11).

Analyst Ram Selvaraju said, The firm ended the quarter with $37.5mm in cash, following a recent financing round that raised $24.1mm in net proceeds from the sale of roughly 9.7mm American Depositary Shares (ADSs), with each ADS corresponding to 10 ordinary shares. We expect that this cash should be sufficient to sustain operations through 2016. While BioLineRx has recently reported encouraging progress with BL-8040, a highaffinity chemokine receptor antagonist, we note that several other agents in the firm's pipeline have recently been discontinued. These include BL-1021 and BL-6030, which have been replaced by BL-9010 and BL-9020 in the company's latest pipeline.

Selvaraju also noted that the time line on BL-1040 was elongating, commenting, BioLineRx reported yesterday that its partner, the privately-held firm Bellerophon (previously known as Ikaria), had exceeded the 200-patient threshold in the ongoing study. However, reaching full enrollment of 300 subjects is now expected to take until the end of this year. Data are now slated for release in mid-015,
with CE Mark filing expected in late 2015.

Plenty of catalysts happening over the next 12 months: The Phase 2 trial of BL-8040 in acute myeloid leukemia (AML) is slated to report final data in early 2015. We also expect final results from the Phase 1 / 2 trial of BL-7010, BioLineRx's novel candidate for the treatment of celiac disease, within the next few months. If positive, this data could pave the way for entry into a randomized efficacy trial later this year. We note that the firm currently carries an enterprise value of <$50mm. Positive data from any ongoing trials could substantially increase the firm's valuation.

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Shares of BioLineRx closed at $1.97 yesterday.