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BioLineRx Raises an Additional $9 Million and Advances Pipeline of Drug Candidates Toward Clinical Trials

Posted on: Monday, 26 September 2005, 06:00 CDT

BioLineRx, Israel's leading specialized drug development company, today announced that current investors Giza Venture Capital, Pitango Venture Capital and Teva Pharmaceuticals Industries Ltd. have committed an additional $9 million in funding to the company. The $9 million follow-on investment is on top of the original founders' commitment of approximately $14 million, which also included Hadasit, Star Ventures, and the Jerusalem Development Authority, and is supplemented by the $21 million Israeli National Biotech Initiative grant that BioLineRx received in November of last year.

Founded in 2003 by leaders in the Israeli life-sciences sector, BioLineRx is committed to building a robust pipeline of proprietary therapeutic products. The additional funds will be used to advance the company's promising drug candidates through clinical trials and to continue to build BioLineRx's pipeline. BioLineRx management anticipates that the company's BL-1020 first-in-class treatment for schizophrenia will enter human clinical trials in the first quarter of 2006.

"Since its formation BioLineRx and our leading team of drug developers have proven our ability to identify, in-license and develop high potential candidates, leveraging the power of Israel's innovations in the fields of chemistry, biology and targeted therapeutic research. BioLineRx's uniqueness lies in our in-licensing model, which allows the company to generate a robust pipeline of molecules that can be partnered with global players for introduction to the market," said Dr. Morris Laster, CEO BioLineRx.

Since May 2004, BioLineRx has in-licensed 9 compounds with 8 currently in various stages of preclinical development. Recent pipeline highlights include filing a request for a pre IND meeting with the US FDA for BL-1020, BioLineRx's innovative treatment for schizophrenia, and completing preliminary toxicology and efficacy experiments for BL-1030, BioLineRx's novel small molecule for Inflammatory Bowel Disease. BL-1030 will now begin full pre-clinical testing, with "first in man" planned for early 2007. BL-1040, BioLineRx's innovative treatment for acute Myocardial Infarction has begun long term feasibility testing, and BL-2040, a novel small molecule for metabolic syndrome has successfully completed its first stage of efficacy testing. BL-2040 now begins a final set of toxicity and efficacy experiments in preparation for full pre-clinical development.

About BioLineRx, Ltd.

Founded in 2003 by leaders in the Israeli life-sciences sector, BioLineRx is building a robust pipeline of promising therapeutics for unmet medical needs. BioLineRx is focused on advancing projects from early stage discovery and lead generation to advanced clinical trials, regulatory approval, and marketing. Partnering with researchers, universities and biotech companies to further the commercialization of promising compounds, BioLineRx enriches the pipeline of large pharmaceutical companies seeking their next blockbuster drugs. For more information, please visit www.biolinerx.com.

About Pitango Venture Capital

Pitango Venture Capital has been investing in technology entrepreneurs since 1993. With offices in Israel, the Silicon Valley and London, Pitango currently manages several venture funds totaling over $700 million in committed capital invested in more than 85 companies including AudioCodes (NASDAQ: AUDC), Chromatis (acquired by Lucent), CardGuard (SWX New Market: CARDG), ITXC (NASDAQ: ITXC) and Radware (NASDAQ: RDWR). Pitango specializes in providing long-term support and value-added services to its portfolio companies, with a focus on seed to late-stage companies in Communications, Software and Internet Infrastructure, Semiconductors and Life-Sciences. For more information, please visit www.pitango.com

About Giza Venture Capital

Giza Venture Capital was established in 1992 and has three funds totaling $316 million. Giza has invested in 64 early to late-stage companies in the sectors of Communications, IT, Enterprise Software and Life-Sciences, with 21 exits including: Precise (NASDAQ:PRSE), Oridion (SWX:ORIDN), Butterfly (acquired by TI), Libit (acquired by TI), M- Systems (NASDAQ:FLSH), Zoran (NASDAQ:ZRAN), Scorpio (acquired by US Robotics, then 3COM), DSPC (acquired by Intel), DSPG (NASDAQ:DSPG), X Technologies (acquired by Guidant). The fund's capability in evaluating technologies combined with its cumulative experience in venture capital, operations, investments and M&A, create the foundation of Giza's vision and success. For more information, please visit www.giza.co.il

About Teva Pharmaceuticals Industries Ltd.

Teva Pharmaceutical Industries Ltd. is a global pharmaceutical company specializing in the development, production and marketing of generic and proprietary branded pharmaceuticals and active pharmaceutical ingredients. Teva is among the top 20 pharmaceutical companies and among the largest generic pharmaceutical companies in the world. With more than a century of experience in the healthcare industry, Teva enjoys a firmly established international presence, operating through a carefully tailored network of worldwide subsidiaries. Headquartered in Israel, 91% of Teva's sales, which totaled US$4.8 billion in 2004, are in North America and Europe. Teva has approximately 14,000 employees worldwide and production facilities in Israel, North America, Europe and Mexico. For more information, please visit www.tevapharma.com

Source: Business Wire

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