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BioLineRx Reports Third Quarter 2012 Financial Results

BioLineRx’s business model is based on acquiring molecules mainly from biotechnological incubators and academic institutions. The Company performs feasibility assessment studies and development through pre-clinical and clinical stages, with partial funding from the Israeli Government’s Office of the Chief Scientist (OCS). The final stage includes partnering with medium and large pharmaceutical companies for advanced clinical development (Phase 3) and commercialization. For more information on BioLineRx, please visit www.biolinerx.com .

Various statements in this release concerning BioLineRx’s future expectations, plans and prospects, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include words such as “may,” “expects,” “anticipates,” “believes,” and “intends,” and describe opinions about future events. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of BioLineRx to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of these risks are: changes in relationships with collaborators; the impact of competitive products and technological changes; risks relating to the development of new products; and the ability to implement technological improvements. These and other factors are more fully discussed in the “Risk Factors” section of BioLineRx’s Form 20-F filed with the Securities and Exchange Commission on March 22, 2012. In addition, any forward-looking statements represent BioLineRx’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. BioLineRx does not assume any obligation to update any forward-looking statements unless required by law.

BioLineRx Ltd.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(UNAUDITED)

 
           

Convenience translation into USD (Note 1b)

December 31, September 30, September 30,
2011 2012 2012
NIS in thousands In thousands
Assets
CURRENT ASSETS
Cash and cash equivalents 33,061 52,898 13,522
Short-term bank deposits 65,782 48,247 12,333
Prepaid expenses 687 505 129
Other receivables 3,825   1,814   464  
Total current assets 103,355   103,464   26,448  
 
NON-CURRENT ASSETS
Restricted deposits 2,746 2,777 710
Long-term prepaid expenses 204 221 56
Property and equipment, net 4,211 3,420 875
Intangible assets, net 1,144   1,060   271  
Total non-current assets 8,305   7,478   1,912  
Total assets 111,660   110,942   28,360  
 
Liabilities and equity
CURRENT LIABILITIES
Current maturities of long-term bank loan 307 172 44
Accounts payable and accruals:
Trade 11,275 11,689 2,988
OCS 6,233 6,427 1,643
Other 7,894   8,168   2,088  
Total current liabilities 25,709   26,456   6,763  
 
NON-CURRENT LIABILITIES
Long-term bank loan, net of current maturities 110 - -
Retirement benefit obligations 83 83 21
Derivative liability on account of warrants -   12,462   3,186  
Total non-current liabilities 193   12,545   3,207  
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities 25,902   39,001   9,970  
 
EQUITY
Ordinary shares 1,236 1,760 450
Share premium 421,274 457,085 116,842
Capital reserve 31,317 33,007 8,437
Accumulated deficit (368,069 ) (419,911 ) (107,339 )
Total equity 85,758   71,941   18,390  
Total liabilities and equity 111,660   110,942   28,360  
 
 
BioLineRx Ltd.

CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE LOSS

(UNAUDITED)

           

 

 

Convenience translation into USD (Note 1b)

Three months     Nine months

Three months ended September 30,

Nine months ended September 30,

ended September 30,

ended September 30,

2011     2012 2011     2012 2012 2012
NIS in thousands In thousands
RESEARCH AND DEVELOPMENT EXPENSES, NET (13,255 ) (15,848 ) (30,044 ) (46,523 ) (4,051 ) (11,892 )
SALES AND MARKETING EXPENSES (358 ) (912 ) (2,431 ) (2,626 ) (233 ) (671 )
GENERAL AND ADMINISTRATIVE EXPENSES (3,272 ) (2,834 ) (9,546 ) (9,315 ) (724 ) (2,381 )
OPERATING LOSS (16,885 ) (19,594 ) (42,021 ) (58,464 ) (5,008 ) (14,944 )
NON-OPERATING INCOME (EXPENSES), NET - (3,180 ) - 2,351 (813 ) 601
FINANCIAL INCOME 8,965 1,827 10,785 8,323 467 2,127
FINANCIAL EXPENSES (18 ) (1,649 ) (4,750 ) (4,052 ) (422 ) (1,036 )
COMPREHENSIVE LOSS FOR THE PERIOD (7,938 ) (22,596 ) (35,986 ) (51,842 ) (5,776 ) (13,252 )
 
NIS USD
 
LOSS PER ORDINARY SHARE - BASIC (0.06 ) (0.15 ) (0.29 ) (0.34 ) (0.04 ) (0.09 )
 
 
BioLineRx Ltd.

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS

(UNAUDITED)

 
       

Convenience translation into USD (Note 1b)

Nine months ended September 30,

Nine months ended September 30,

2011     2012 2012
NIS in thousands

In thousands

 
CASH FLOWS - OPERATING ACTIVITIES
Comprehensive loss for the period (35,986 ) (51,842 ) (13,252 )
Adjustments required to reflect net cash used in operating activities (see appendix below) 9,092   (724 ) (184 )
Net cash used in operating activities (26,894 ) (52,566 ) (13,436 )
 
 
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits (76,351 ) (48,992 ) (12,524 )
Investments in restricted deposits (1,000 ) - -
Maturities of short-term deposits 27,463 64,801 16,565
Purchase of property and equipment (716 ) (545 ) (139 )
Purchase of intangible assets (131 ) (21 ) (6 )
Net cash provided by (used in) investing activities (50,735 ) 15,243   3,896  
 
 
CASH FLOWS - FINANCING ACTIVITIES
Repayments of bank loan (230 ) (224 ) (57 )
Issuance of share capital and warrants, net of issuance expenses - 52,453 13,408
Proceeds from exercise of employee stock options 1   *   *  
Net cash provided by (used in) financing activities (229 ) 52,229   13,351  
 

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(77,858 ) 14,906 3,811

CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD

111,746 33,061 8,451

EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS

7   4,931   1,260  

CASH AND CASH EQUIVALENTS - END OF PERIOD

33,895   52,898   13,522  
 

* Less than 1,000

 

 
BioLineRx Ltd.

APPENDIX TO CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS

(UNAUDITED)

       

Convenience translation into USD (Note 1b)

Nine months ended September 30,

Nine months ended September 30,

2011     2012 2012
NIS in thousands In thousands
 
 
Adjustments required to reflect net cash used in operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization 1,170 1,188 303
Impairment of intangible assets 80 - -
Long-term prepaid expenses 1 (17 ) (4 )
Exchange differences on cash and cash equivalents (7 ) (4,931 ) (1,260 )
Share-based compensation 2,744 2,358 603
Warrant issuance costs - 1,204 308
Gain on adjustment of warrants to fair value - (5,528 ) (1,413 )
Interest and exchange differences on short-term deposits (1,639 ) 1,726 441
Interest and linkage on bank loan (11 ) (21 ) (5 )
Interest and exchange differences on restricted deposits 13   (31 ) (8 )
2,351   (4,052 ) (1,035 )
 
Changes in operating asset and liability items:

Decrease in trade accounts receivable and other receivables

3,929 2,193 561
Increase in accounts payable and accruals 2,812   1,135   290  
6,741   3,328   851  
9,092   (724 ) (184 )
 
 
Supplementary information on interest received in cash 1,334   1,439   368  
 

* Less than 1,000





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