SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of March 2023

Commission file number: 001-35223
 
_______________________
 
BioLineRx Ltd.
(Translation of registrant’s name into English)
_______________________
 
2 HaMa’ayan Street
Modi’in 7177871, Israel
 (Address of Principal Executive Offices)
_______________________
 
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:        

Form 20-F           Form 40-F 


 
On March 22, 2023 the registrant issued the press release which is filed as Exhibit 1 to this Report on Form 6-K.
 


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
BioLineRx Ltd.
 
 
 
By:
/s/ Philip A. Serlin
 
 
 
Philip A. Serlin
 
 
 
Chief Executive Officer
 
 
Dated: March 22, 2023


 
 

 

Exhibit 1

 
For Immediate Release

BioLineRx Reports 2022 Financial Results and Recent Corporate
and Portfolio Updates

- Announced FDA Acceptance of APHEXDA® (motixafortide) New Drug Application (NDA) in
Stem Cell Mobilization with Prescription Drug User Fee Act (PDUFA) Target
Action Date of September 9, 2023 -

- Named Tami Rachmilewitz, M.D., as new Chief Medical Officer and Completed Formation of
U.S. Commercial Leadership Team with Extensive Drug Launch and Sales Experience -

- Entered into Clinical Trial Collaboration with Washington University School of Medicine to
Evaluate Motixafortide for Hematopoietic Stem Cell Mobilization
for Gene Therapies in Sickle Cell Disease  -

- Management to hold conference call today, March 22, at 10:00 am EDT -

TEL AVIV, Israel, March 22, 2023 – (PRNewswire) – BioLineRx Ltd. (NASDAQ/TASE: BLRX), a pre-commercial-stage biopharmaceutical company focused on oncology, today reported its audited 2022 annual financial results for the year ended December 31, 2022, and provided recent corporate and portfolio updates.

“Over the last quarter and into this year, we continue to proceed with activities to advance the NDA review process of APHEXDA®,  while in parallel progressing with pre-launch activities in anticipation of potential approval later this year,” said Philip Serlin, Chief Executive Officer of BioLineRx.  “Importantly,  we recently announced the appointment of our new chief medical officer and completed the formation of our U.S. commercialization team that includes industry veterans with significant and very relevant drug launch and sales experience.  Additionally, we announced a new collaboration to evaluate motixafortide for stem cell mobilization for gene therapies in sickle cell disease, which continues our goal of fully maximizing its clinical potential for patients.  This is an extremely exciting year for the Company, with the potential commercial approval of our first product, anticipated pancreatic cancer clinical trial data, as well as the planned initiation of two new clinical trials that may further our growth.”

Recent Corporate Updates


Appointed Tami Rachmilewitz, M.D. as Chief Medical Officer

Finalized formation of the U.S. commercial leadership team, which collectively has significant drug launch and sales experience, with particular expertise in stem cell mobilization and transplantation



Portfolio Execution

Motixafortide (selective inhibitor of CXCR4 chemokine receptor)

Multiple Myeloma


Announced FDA acceptance of the APHEXDA® (motixafortide) NDA in stem cell mobilization for autologous transplantation in multiple myeloma patients. PDUFA target action date set for September 9, 2023

Presented a cost-effectiveness analysis of APHEXDA® (motixafortide) versus plerixafor in stem cell mobilization for autologous transplantation in patients with multiple myeloma at the American Society of Hematology (ASH) 64th Annual Meeting, which was held December 10-13, 2022, in New Orleans, Louisiana. The analysis demonstrated significant net cost savings with APHEXADA® (motixafortide)

Pancreatic Ductal Adenocarcinoma (PDAC)


Continued to advance preparation activities for a Phase 2b randomized clinical trial with 200 patients assessing motixafortide in combination with a PD-1 inhibitor and standard-of-care chemotherapy as a first line metastatic PDAC (mPDAC) therapy with collaboration partner GenFleet. Anticipate clinical trial initiation in 2023

Continued collaboration progress with Columbia University investigator-initiated Phase 2 study assessing motixafortide in combination with the PD-1 inhibitor cemiplimab and standard-of-care chemotherapy in first line mPDAC patients.  Anticipate initial patient data in 2023

Sickle Cell Disease & Gene Therapy


Announced clinical trial collaboration with Washington University School of Medicine in St. Louis to evaluate motixafortide as monotherapy and in combination with natalizumab for CD34+ hematopoietic stem cell mobilization for gene therapies in sickle cell disease.  Anticipate clinical trial initiation in 2023. Clinical trial design was presented at the American Society of Hematology (ASH) 64th Annual Meeting, which was held December 10-13, 2022, in New Orleans, Louisiana

AGI-134 (synthetic alpha-Gal glycolipid)

Solid Tumor Immunotherapy


Announced results from Phase 1/2a study of investigational anti-tumor vaccine AGI-134 in metastatic solid tumors.  First-in-human, single-agent study met primary endpoint for safety and tolerability and demonstrated immune activity across multiple biomarkers. The Company is evaluating potential development program pathways in consultation with its scientific advisory board



Financial Results for Year Ended December 31, 2022
 

Research and development expenses for the year ended December 31, 2022, were $17.6 million compared to $19.5 million for the year ended December 31, 2021. The decrease resulted primarily from lower expenses related to NDA supporting activities related to motixafortide, as well as lower expenses associated with the completed motixafortide GENESIS clinical trial, offset by an increase in expenses associated with the AGI-134 study and an increase in payroll and related expenses

Sales and marketing expenses for the year ended December 31, 2022, were $6.5 million compared to $1.0 million the year ended December 31, 2021. The increase resulted primarily from initiation of pre-commercialization activities related to motixafortide, as well as an increase in market research

General and administrative expenses for the year ended December 31, 2022, were $5.1 million compared to $4.3 million for the year ended December 31, 2021. The increase resulted primarily from an increase in share-based compensation and small increases in a number of general and administrative expenses

Net loss for the year ended December 31, 2022, was $25.0 million, compared to $27.1 million for the year ended December 31, 2021

As of December 31, 2022, the Company had cash, cash equivalents, and short-term bank deposits of $51.1 million and anticipates this will be sufficient to fund operations, as currently planned, into the first half of 2024

A copy of the Company’s annual report on Form 20-F for the year ended December 31, 2022 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on the Company’s investor relations website at https://ir.biolinerx.com.The Company will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at IR@BioLineRx.com.

Conference Call and Webcast Information
BioLineRx will hold a conference call today, Wednesday, March 22 at 10:00 a.m. EDT.
To access the conference call, please dial +1-888-281-1167 from the U.S. or +972-3-918-0685 internationally.  A live webcast and a replay of the call can be accessed through the event page on the Company’s website.  Please allow extra time prior to the call to visit the site and download any necessary software to listen to the live broadcast.  The call replay will be available approximately two hours after completion of the live conference call.  A dial-in replay of the call will be available until March 24, 2023; please dial +1-888-295-2634 from the US or +972-3-925-5904 internationally.

About BioLineRx
BioLineRx Ltd. (NASDAQ/TASE: BLRX) is a pre-commercial-stage biopharmaceutical company focused on oncology. The Company's lead development program, motixafortide, a novel selective inhibitor of the CXCR4 chemokine receptor, may support diverse therapeutic approaches in oncology and other diseases. APHEXDA® (motixafortide) was successfully evaluated in a Phase 3 study in stem cell mobilization for autologous transplantation for multiple myeloma patients, has reported positive results from a pre-planned pharmacoeconomic study in the U.S., and has had its NDA submission accepted by the FDA with an assigned PDUFA date of September 9, 2023.  Motixafortide was also successfully evaluated in a Phase 2a study for the treatment of metastatic pancreatic cancer (mPDAC) in combination with the PD-1 inhibitor pembrolizumab and chemotherapy and is currently being studied in combination with the PD-1 inhibitor cemiplimab and chemotherapy as a first line mPDAC therapy. In addition, a randomized phase 2b study with 200 patients assessing motixafortide in combination with a PD-1 inhibitor and chemotherapy as a first line mPDAC therapy is expected to initiate in 2023. BioLineRx is also developing a second oncology program, AGI-134, an immunotherapy treatment for multiple solid tumors. A first-in-human Phase 1/2a study of AGI-134 met its primary endpoint for safety and tolerability and demonstrated immune activity across multiple biomarkers.  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; risks related to unfavorable economic and market conditions and adverse developments with respect to financial institutions and associated liquidity risk; and statements as to the impact of the political and security situation in Israel on BioLineRx's business. 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 22, 2023. 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.

Contacts:

United States
John Lacey
BioLineRx
IR@biolinerx.com

Israel
Moran Meir
LifeSci Advisors, LLC
moran@lifesciadvisors.com



 
BioLineRx Ltd.
 
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
 
   
December 31,
 
   
2021
   
2022
 
   
in USD thousands
 
Assets
           
CURRENT ASSETS
           
Cash and cash equivalents
   
12,990
     
10,587
 
Short-term bank deposits
   
44,145
     
40,495
 
Prepaid expenses
   
127
     
198
 
Other receivables
   
142
     
721
 
Total current assets
   
57,404
     
52,001
 
                 
NON-CURRENT ASSETS
               
Property and equipment, net
   
952
     
726
 
Right-of-use assets, net
   
1,331
     
1,772
 
Intangible assets, net
   
21,704
     
21,885
 
Total non-current assets
   
23,987
     
24,383
 
Total assets
   
81,391
     
76,384
 
                 
Liabilities and equity
               
CURRENT LIABILITIES
               
Current maturities of long-term loans
   
2,757
     
1,542
 
Accounts payable and accruals:
               
Trade
   
5,567
     
6,966
 
Other
   
1,227
     
1,744
 
Current maturities of lease liabilities
   
168
     
427
 
Total current liabilities
   
9,719
     
10,679
 
                 
NON-CURRENT LIABILITIES
               
Warrants
   
1,859
     
4,509
 
Long-term loans, net of current maturities
   
-
     
8,626
 
Lease liabilities
   
1,726
     
1,729
 
Total non-current liabilities
   
3,585
     
14,864
 
                 
COMMITMENTS AND CONTINGENT LIABILITIES
               
Total liabilities
   
13,304
     
25,543
 
                 
EQUITY
               
Ordinary shares
   
21,066
     
27,100
 
Share premium
   
339,346
     
338,976
 
Warrants
   
975
     
1,408
 
Capital reserve
   
13,157
     
14,765
 
Other comprehensive loss
   
(1,416
)
   
(1,416
)
Accumulated deficit
   
(305,041
)
   
(329,992
)
Total equity
   
68,087
     
50,841
 
Total liabilities and equity
   
81,391
     
76,384
 


 
BioLineRx Ltd.
 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
 
   
Year ended December 31,
 
   
2020
   
2021
   
2022
 
   
in USD thousands
 
                   
RESEARCH AND DEVELOPMENT EXPENSES
   
(18,173
)
   
(19,466
)
   
(17,629
)
SALES AND MARKETING EXPENSES
   
(840
)
   
(1,003
)
   
(6,462
)
GENERAL AND ADMINISTRATIVE EXPENSES
   
(3,914
)
   
(4,308
)
   
(5,066
)
OPERATING LOSS
   
(22,927
)
   
(24,777
)
   
(29,157
)
NON-OPERATING INCOME (EXPENSES), NET
   
(5,701
)
   
(1,830
)
   
5,670
 
FINANCIAL INCOME
   
236
     
559
     
694
 
FINANCIAL EXPENSES
   
(1,629
)
   
(1,006
)
   
(2,158
)
LOSS AND COMPREHENSIVE LOSS
   
(30,021
)
   
(27,054
)
   
(24,951
)
                         
   
in USD
 
LOSS PER ORDINARY SHARE – BASIC AND DILUTED
   
(0.12
)
   
(0.04
)
   
(0.03
)
                         
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE
   
252,844,394
     
662,933,695
     
773,956,973
 



 
BioLineRx Ltd.
 
STATEMENTS OF CHANGES IN EQUITY

   
Ordinary shares
   
Share premium
   
Warrants
   
Capital reserve
   
Other comprehensive
loss
   
Accumulated deficit
   
Total
 
   
in USD thousands
 
BALANCE AT JANUARY 1, 2020
   
4,692
     
265,938
     
-
     
12,132
     
(1,416
)
   
(247,966
)
   
33,380
 
CHANGES IN 2020:
                                                       
  Issuance of share capital and warrants, net
   
4,777
     
9,395
     
-
     
-
     
-
     
-
     
14,172
 
  Warrants exercised
   
393
     
2,826
     
-
     
-
     
-
     
-
     
3,219
 
  Employee stock options exercised
   
8
     
228
     
-
     
(228
)
   
-
     
-
     
8
 
  Employee stock options expired
   
-
     
854
     
-
     
(854
)
   
-
     
-
     
-
 
  Share-based compensation
   
-
     
-
     
-
     
1,272
     
-
     
-
     
1,272
 
  Comprehensive loss for the year
   
-
     
-
     
-
     
-
     
-
     
(30,021
)
   
(30,021
)
BALANCE AT DECEMBER 31, 2020
   
9,870
     
279,241
     
-
     
12,322
     
(1,416
)
   
(277,987
)
   
22,030
 
CHANGES IN 2021:
                                                       
  Issuance of share capital and warrants, net
   
8,956
     
40,476
     
975
     
-
     
-
     
-
     
50,407
 
  Warrants exercised
   
2,235
     
18,967
     
-
     
-
     
-
     
-
     
21,202
 
  Employee stock options exercised
   
5
     
41
     
-
     
(39
)
   
-
     
-
     
7
 
  Employee stock options expired
   
-
     
621
     
-
     
(621
)
   
-
     
-
     
-
 
  Share-based compensation
   
-
     
-
     
-
     
1,495
     
-
     
-
     
1,495
 
  Comprehensive loss for the year
   
-
     
-
     
-
             
-
     
(27,054
)
   
(27,054
)
BALANCE AT DECEMBER 31, 2021
   
21,066
     
339,346
     
975
     
13,157
     
(1,416
)
   
(305,041
)
   
68,087
 
CHANGES IN 2022:
                                                       
  Issuance of share capital and warrants, net
   
6,029
     
(1,007
)
   
433
     
-
     
-
     
-
     
5,455
 
  Employee stock options exercised
   
5
     
14
     
-
     
(14
)
   
-
     
-
     
5
 
  Employee stock options expired
   
-
     
623
     
-
     
(623
)
   
-
     
-
     
-
 
  Share-based compensation
   
-
     
-
     
-
     
2,245
     
-
     
-
     
2,245
 
 Comprehensive loss for the year
   
-
     
-
     
-
             
-
     
(24,951
)
   
(24,951
)
BALANCE AT DECEMBER 31, 2022
   
27,100
     
338,976
     
1,408
     
14,765
     
(1,416
)
   
(329,992
)
   
50,841
 





BioLineRx Ltd.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
Year ended December 31,
 
   
2020
   
2021
   
2022
 
   
in USD thousands
 
CASH FLOWS - OPERATING ACTIVITIES
                 
Loss
   
(30,021
)
   
(27,054
)
   
(24,951
)
Adjustments required to reflect net cash used in operating activities (see appendix below)
   
6,815
     
3,481
     
(1,289
)
Net cash used in operating activities
   
(23,206
)
   
(23,573
)
   
(26,240
)
                         
CASH FLOWS - INVESTING ACTIVITIES
                       
     Investments in short-term deposits
   
(33,500
)
   
(78,000
)
   
(44,000
)
     Maturities of short-term deposits
   
50,168
     
39,873
     
48,322
 
Purchase of property and equipment
   
-
     
(97
)
   
(131
)
Purchase of intangible assets
   
-
     
-
     
(185
)
Net cash provided by (used in) investing activities
   
16,668
     
(38,224
)
   
4,006
 
                         
CASH FLOWS - FINANCING ACTIVITIES
                       
Issuance of share capital and warrants, net of issuance costs
   
19,246
     
50,407
     
14,359
 
     Exercise of warrants
   
1,969
     
10,907
     
-
 
     Employee stock options exercised
   
8
     
7
     
5
 
Proceeds from long-term loan, net of issuance costs
   
-
     
-
     
9,126
 
     Repayments of loans
   
(3,133
)
   
(3,376
)
   
(2,832
)
     Repayments of lease liabilities
   
(224
)
   
(196
)
   
(220
)
Net cash provided by financing activities
   
17,866
     
57,749
     
20,438
 
                         
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
   
11,328
     
(4,048
)
   
(1,796
)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR
   
5,297
     
16,831
     
12,990
 
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS
   
206
     
207
     
(607
)
CASH AND CASH EQUIVALENTS - END OF YEAR
   
16,831
     
12,990
     
10,587
 



BioLineRx Ltd.
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
   
Year ended December 31,
 
   
2020
   
2021
   
2022
 
   
in USD thousands
 
APPENDIX
                 
                   
Adjustments required to reflect net cash used in operating activities:
                 
Income and expenses not involving cash flows:
                 
Depreciation and amortization
   
934
     
703
     
654
 
Exchange differences on cash and cash equivalents
   
(206
)
   
(207
)
   
607
 
Fair value adjustments of warrants
   
5,142
     
1,936
     
(6,425
)
Share-based compensation
   
1,272
     
1,495
     
2,245
 
Interest and exchange differences on short-term deposits
   
(232
)
   
(262
)
   
(672
)
Interest accrued
   
474
     
301
     
1,117
 
Warrant issuance costs
   
594
     
-
     
171
 
Exchange differences on lease liabilities
   
125
     
55
     
(224
)
     
8,103
     
4,021
     
(2,527
)
                         
Changes in operating asset and liability items:
                       
Decrease (increase) in prepaid expenses and other receivables
   
428
     
24
     
(650
)
Increase (decrease) in accounts payable and accruals
   
(1,716
)
   
(564
)
   
1,888
 
     
(1,288
)
   
(540
)
   
1,238
 
     
6,815
     
3,481
     
(1,289
)

Supplemental information on interest received in cash
   
381
     
138
     
342
 
Supplemental information on interest paid in cash
   
994
     
682
     
593
 
Supplemental information on non-cash transactions:
                 
Changes in right-of-use asset and lease liabilities
   
13
     
183
     
706
 
Warrant issuance costs
   
-
     
-
     
262
 
Purchase of property and equipment
   
-
     
-
     
28
 
Fair value of exercised warrants (portion related to accumulated fair value adjustments)
   
1,251
     
10,295
     
-