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BioLineRx In-Licenses BL-3010 From Gevys Pharmaceuticals for the Treatment of Pain and Plans to Initiate Phase I/II Trial

Posted on: Thursday, 25 May 2006, 09:01 CDT

BioLineRx, Ltd., Israel's leading drug development company, today announced that it has signed an exclusive worldwide licensing agreement with Gevys Pharmaceuticals Ltd. for the development and commercialization of BL-3010, a novel approach for the treatment of acute and chronic pain. Gevys's patented technology utilizes a combination of approved drugs to dramatically increase the potency of micro-doses of classical pain medications. The result is that BL-3010 will deliver effective pain relief with significant reductions in toxicity and side effects.

"We are pleased to license this proprietary technology from Gevys, and the advancement of the program highlights our commitment to developing a wide range of new drugs that have the potential to significantly improve patient care," commented Morris C. Laster, M.D., Chief Executive Officer of BioLineRx, Ltd. "We plan to initiate a Phase I/II clinical study for this candidate, and given its potent pre-clinical efficacy, we expect accelerated development of this innovative therapy."

Pre-clinical experiments conducted by Gevys showed increased potency results that were far superior to existing technologies and demonstrated its safety in these models.

Reuven Ulmansky, CEO of Gevys Pharmaceuticals, stated, "We are very excited that BioLineRx has chosen to add our technology to its pipeline. We are impressed by the scientific level and professionalism of the BioLineRx team. I would like to personally thank Dr. Aharon Schwartz, BioLineRx's Chairman, who supported and encouraged me from the very beginning. We look forward to the development of this product through our partnership with BioLineRx."

Gevys' patented technology offers a novel approach for the delivery of known drugs acting on the CNS, allowing effective administration of these drugs at doses 10 to 500 times lower than their current therapeutic doses, thereby increasing potency and reducing toxicity. The technology was invented by Dr. Sergey Serdyuk, Chief Scientific Officer of Gevys Pharmaceuticals. Reuven Ulmansky, Gevys Pharmaceuticals' CEO, led the preclinical development and the corporate development efforts.

About BioLineRx

BioLineRx is Israel's leading drug development company dedicated to building a robust pipeline of promising therapeutics for unmet medical needs. BioLineRx advances 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 seeks to enrich the pipeline of large pharmaceutical companies seeking their next blockbuster drugs. The Company was founded in 2003 by leaders in the Israeli life science arena including Teva Pharmaceuticals Ltd, Giza, Pitango, Hadasit and the Jerusalem Development Authority. For more information, please visit www.biolinerx.com.

About Gevys Pharmaceuticals

Gevys Pharmaceuticals Ltd. is a biotechnology start-up company that was incorporated in mid 2000 by Meon Technologies Ltd. and Dr. George Babitsky from NYC. The company focuses on the development of innovative Central Nervous System (CNS) drugs and potentiation technologies.

Source: Business Wire

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