NEW YORK (TheStreet) -- BioLineRX (BLRX) shares are down by 15.33% to $1.80 on heavy volume in mid-morning trading on Monday, after the Israeli drug manufacturer confirmed negative results from tests for its implantable heart disease treatment.

The company's 303-patient, randomized, placebo-controlled Bioabsorbable Cardiac Matrix treatment candidate test results, showed no statistically significant difference between patients treated with it versus the placebo.

The failure of the test jeopardizes future regulatory approval for the device in Europe.

"While we share in Bellerophon's disappointment with the BCM results, we believe BioLineRx's true value remains in our ability to advance our deep in-house pipeline of mid-late stage assets, including future programs under our strategic collaboration with Novartis, and in particular, our expanding BL-8040 oncology platform," company CEO Dr. Kinneret Savitsky said in a statement.

Bioline partnered with Bellerophon to develop the treatment and has invested slightly over $10 million to date in its development.

"We remain well capitalized to achieve our corporate and clinical goals through 2018. So while today's news is unfortunate, we believe it has minimal impact on our business as a whole and our plans going forward. We look forward to Bellerophon presenting the full study data at the upcoming European Society of Cardiology's annual meeting and to providing the next steps for this program," Savitsky added.

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