TEL
AVIV, Israel, Nov. 4, 2022
/PRNewswire/ -- BioLineRx Ltd. (NASDAQ/TASE: BLRX), a
pre-commercial-stage biopharmaceutical company focused on oncology,
today announced that it has received a notification letter from The
Nasdaq Stock Market LLC ("Nasdaq"). The letter notifies the Company
that it is not in compliance with the minimum bid price requirement
set forth in Nasdaq Listing Rules for continued listing on the
Nasdaq Capital Market, since the closing bid price for the
Company's ADSs listed on Nasdaq was below USD $1.00 for 30 consecutive trading days. Nasdaq
Listing Rule 5550(a)(2) requires listed securities to maintain a
minimum bid price of USD $1.00 per
share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a
failure to meet the minimum bid price requirement exists if the
deficiency continues for a period of 30 consecutive business
days.
The Notice has no immediate effect on the Company's Nasdaq
listing or the trading of its ADSs, and during the grace period, as
may be extended, the Company's ADSs will continue to trade on
Nasdaq under the symbol "BLRX".
In accordance with Listing Rule 5810(c)(3)(A), the Company has a
period of 180 calendar days from the date of notification, or until
May 1, 2023, to regain compliance with the minimum bid price. If at
any time before May 1, 2023 the bid price of the Company's ADSs
closes at or above USD $1.00 per share for a minimum of 10
consecutive business days, Nasdaq will provide written notification
that the Company has achieved compliance with the minimum bid price
requirement.
In the event the Company does not regain compliance by
May 1, 2023, the Company may be
eligible for an additional 180 days to regain compliance if it
meets the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the minimum bid
price requirement. In this case, the Company will need to provide
written notice of its intention to cure the deficiency during the
second compliance period.
The Company will continue to monitor the closing bid price of
its ADSs on Nasdaq between now and May 1,
2023 and seeks to cure the deficiency within the prescribed
compliance period. The Company's business operations are not
affected by the Notification Letter, and indeed the Company expects
to deliver meaningful regulatory, commercial, and clinical program
progress over the next several quarters, including the potential
launch of APHEXA® (motixafortide), if approved, in the United States for stem cell mobilization
in autologous bone marrow transplantation for multiple myeloma
patients.
If the Company cannot demonstrate compliance by the allotted
compliance period(s), Nasdaq's staff will notify the Company that
its ADSs are subject to delisting.
The Company is also listed on the Tel Aviv Stock Exchange and
the notification letter does not affect the Company's compliance
status with such listing.
About BioLineRx
BioLineRx Ltd. (NASDAQ/TASE: BLRX) is a pre-commercial-stage
biopharmaceutical company focused on oncology. The Company's lead
program, APHEXDA® (motixafortide), is a cancer therapy platform
that was successfully evaluated in a Phase 3 study in stem cell
mobilization for autologous bone-marrow transplantation, has
reported positive results from a pre-planned pharmacoeconomic study
in the U.S., has successfully completed a pre-NDA meeting with the
FDA, and has completed an NDA submission. APHEXDA® was also
successfully evaluated in a Phase 2a study for the treatment of
pancreatic cancer (PDAC) in combination with KEYTRUDA® and
chemotherapy and is currently being studied in combination with
LIBTAYO® and chemotherapy as a first-line PDAC therapy. A
randomized phase 2b study with 200
patients in combination with PD1 and chemotherapy as a first-line
PDAC therapy will initiate in 2023. BioLineRx is also
developing a second oncology program, AGI-134, an immunotherapy
treatment for multiple solid tumors that is currently being
investigated in a Phase 1/2a study. For additional information
on BioLineRx, please visit the Company's website at
www.biolinerx.com, where you can review the Company's SEC filings,
press releases, announcements and events.
Forward Looking Statement
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 "anticipates,"
"believes," "could," "estimates," "expects," "intends," "may,"
"plans," "potential," "predicts," "projects," "should," "will," and
"would," and describe opinions about future events. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors 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. Factors that could
cause BioLineRx's actual results to differ materially from those
expressed or implied in such forward-looking statements include,
but are not limited to: the initiation, timing, progress and
results of BioLineRx's preclinical studies, clinical trials and
other therapeutic candidate development efforts; BioLineRx's
ability to advance its therapeutic candidates into clinical trials
or to successfully complete its preclinical studies or clinical
trials; BioLineRx's receipt of regulatory approvals for its
therapeutic candidates, and the timing of other regulatory filings
and approvals; the clinical development, commercialization and
market acceptance of BioLineRx's therapeutic candidates;
BioLineRx's ability to establish and maintain corporate
collaborations; BioLineRx's ability to integrate new therapeutic
candidates and new personnel; the interpretation of the properties
and characteristics of BioLineRx's therapeutic candidates and of
the results obtained with its therapeutic candidates in preclinical
studies or clinical trials; the implementation of BioLineRx's
business model and strategic plans for its business and therapeutic
candidates; the scope of protection BioLineRx is able to establish
and maintain for intellectual property rights covering its
therapeutic candidates and its ability to operate its business
without infringing the intellectual property rights of others;
estimates of BioLineRx's expenses, future revenues, capital
requirements and its needs for and ability to access sufficient
additional financing; risks related to changes in healthcare laws,
rules and regulations in the United
States or elsewhere; competitive companies, technologies and
BioLineRx's industry; statements as to the impact of the political
and security situation in Israel
on BioLineRx's business; and the impact of the COVID-19 pandemic
and the Russian invasion of Ukraine, which may exacerbate the magnitude of
the factors discussed above. 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 16, 2022. 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.
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SOURCE BioLineRx Ltd