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BioLineRx Reports Year End 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 III) and commercialization. For more information on BioLineRx, please visit www.biolinerx.com, the content of which does not form a part of this press release.

Various statements in this release concerning BioLineRx’s future expectations 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 most recent annual report on Form 20-F filed with the Securities and Exchange Commission on March 12, 2013. 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.

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

       
 

Convenience translation into USD

December 31, December 31,
2011 2012 2012
NIS in thousands In thousands
Assets
CURRENT ASSETS
Cash and cash equivalents 33,061 68,339 18,307
Short-term bank deposits 65,782 11,459 3,070
Prepaid expenses 687 804 215
Other receivables 3,825 2,254 604
Total current assets 103,355 82,856 22,196
 
NON-CURRENT ASSETS
Restricted deposits 2,746 3,513 941
Long-term prepaid expenses 204 204 54
Property and equipment, net 4,211 3,172 850
Intangible assets, net 1,144 1,063 285
Total non-current assets 8,305 7,952 2,130
Total assets 111,660 90,808 24,326
 
Liabilities and equity
CURRENT LIABILITIES
Current maturities of long-term bank loan 307 137 37
Accounts payable and accruals:
Trade 11,275 12,283 3,290
OCS 6,233 6,148 1,647
Other 7,894 5,443 1,458
Total current liabilities 25,709 24,011 6,432
 
NON-CURRENT LIABILITIES
Long-term bank loan, net of current maturities 110 - -
Retirement benefit obligations 83 143 38
Warrants - 10,725 2,873
Total non-current liabilities 193 10,868 2,911
COMMITMENTS AND CONTINGENT LIABILITIES      
Total liabilities 25,902 34,879 9,343
 
EQUITY
Ordinary shares 1,236 1,837 491
Share premium 421,274 464,629 124,468
Capital reserve 31,317 33,802 9,055
Accumulated deficit (368,069) (444,339) (119,031)
Total equity 85,758 55,929 14,983
Total liabilities and equity 111,660 90,808 24,326
 
  BioLineRx Ltd.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

     
 
Year ended December 31,

Convenience translation into USD

2010   2011   2012 2012
NIS in thousands In thousands
 
REVENUES 113,160 - - -
COST OF REVENUES (25,571 ) -   -   -  
 
GROSS PROFIT 87,589 - - -
 
RESEARCH AND DEVELOPMENT EXPENSES, NET (54,966 ) (42,623 ) (64,304 ) (17,226 )

SALES AND MARKETING EXPENSES

 

(4,609 ) (3,308 ) (3,227 ) (864 )
GENERAL AND ADMINISTRATIVE EXPENSES (14,875 ) (12,722 ) (14,026 ) (3,757 )
 
OPERATING INCOME (LOSS) 13,139 (58,653 ) (81,557 ) (21,847 )
NON-OPERATING INCOME, NET - - 3,958 1,060
FINANCIAL INCOME 3,056 12,730 8,819 2,362
FINANCIAL EXPENSES (8,755 ) (4,263 ) (7,490 ) (2,007 )
 

NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

7,440   (50,186 ) (76,270 ) (20,432 )
 
NIS USD

EARNINGS (LOSS) PER ORDINARY SHARE - BASIC

0.06   (0.41 ) (0.45 ) (0.12 )

EARNINGS (LOSS) PER ORDINARY

SHARE - DILUTED

0.06   (0.41 ) (0.45 ) (0.12 )
 
 

BioLineRx Ltd.

CONSOLIDATED CASH FLOW STATEMENTS

   
 
Year ended December 31,

Convenience translation into USD

2010   2011   2012 2012
NIS in thousands In thousands
CASH FLOWS - OPERATING ACTIVITIES
Net income (loss) 7,440 (50,186 ) (76,270 ) (20,432 )
Adjustments required to reflect net cash provided by (used in) operating activities (see appendix below) 33,231   7,445   1,125   301  
Net cash provided by (used in) operating activities 40,671   (42,711 ) (75,145 ) (20,131 )
 
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits (28,333 ) (63,456 ) (12,025 ) (3,221 )
Maturities of short-term deposits - 27,308 64,801 17,359
Investments in restricted deposits (206 ) (1,000 ) (775 ) (208 )
Maturities of restricted deposits 1,353 675 - -
Purchase of property and equipment (1,853 ) (951 ) (598 ) (160 )
Purchase of intangible assets (492 ) (133 ) (61 ) (16 )
Net cash provided by (used in) investing activities (29,531 ) (37,557 ) 51,342   13,754  
 
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital and warrants, net of issuance expenses - - 59,207 15,861
Proceeds of bank loan 1,020 - - -
Repayments of bank loan (281 ) (308 ) (300 ) (80 )
Proceeds from exercise of employee stock options 26   1   2   1  
Net cash provided by (used in) financing activities 765   (307 ) 58,909   15,782  
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 11,905 (80,605 ) 35,106 9,405

CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR

 

105,890 111,746 33,061 8,856
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS (6,049 ) 1,920   172   46  
CASH AND CASH EQUIVALENTS - END OF YEAR 111,746   33,061   68,339   18,307  
 

* Less than 1,000.

 
 

BioLineRx Ltd.

CONSOLIDATED CASH FLOW STATEMENTS

   
 
Year ended December 31,

Convenience translation into USD

2010   2011   2012 2012
NIS in thousands In thousands
APPENDIX
 
Adjustments required to reflect net cash provided by (used in) operating activities:
Income and expenses not involving cash flows:
Depreciation and amortization 1,814 1,563 1,524 409
Impairment of intangible assets 1,846 88 - -
Retirement benefit obligations 79 53 60 16
Long-term prepaid expenses 954 (8 ) - -
Exchange differences on cash and cash equivalents 6,049 (1,920 ) (172 ) (46 )
Warrant issuance costs - - 1,204 323
Gain on adjustment of warrants to fair value - - (7,265 ) (1,946 )
Commitment fee paid by issuance of share capital - - 880 235
Share-based compensation 6,557 3,983 3,138 841
Interest and exchange differences on short-term deposits 296 (1,597 ) 1,547 414
Interest and linkage on bank loan - (14 ) 20 5
Interest and exchange differences on restricted deposits 143   (7 ) 8   2  
17,738   2,141   944   253  
 
Changes in operating asset and liability items:
Decrease in trade accounts receivable and other receivables 34,798 1,847 1,454 389
Increase (decrease) in accounts payable and accruals (19,305 ) 3,457   (1,273 ) (341 )
15,493   5,304   181   48  
 
33,231   7,445   1,125   301  
 

 

Supplementary information on investing and financing activities not involving cash flows:
Credit received in connection with purchase of property and equipment 104   265   10   3  
Credit received in connection with purchase of intangible assets 100   -   -   -  
 
Supplementary information on interest received in cash 1,013   1,825   1,720   461  




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