NEW YORK (TheStreet) -- Shares of BioLineRx (BLRX) were surging 26.73% to $1.28 on heavy trading volume late afternoon Friday as the Israeli drug developer signed a liver treatment licensing agreement with BGN Technologies and Hadasit.
BGN Technologies is the technology transfer and commercialization company of Ben-Gurion University, a public research university in Israel, the company said in a statement.
Hadasit is the technology transfer company of the Hadassah Medical Organization, a hospital in Israel.
The license allows for the development of a novel treatment, called BL-1220, for various liver failure conditions including end-stage liver disease and non-alcoholic steatohepatitis (NASH).
The agreement was signed as part of BioLineRx's strategic partnership with Swiss pharmaceutical company Novartis (NVS).
More than 7.95 million of the company's shares have changed hands so far today vs. its average volume of 323,826 shares per day.