BioLineRx Investors: Expect 'Pivotal' Data In Next Few Weeks

In a report published Thursday, Maxim Group analyst Jason Kolbert maintained a Buy rating on BioLine RX Ltd BLRX, with a price target of $8, ahead of the BL-1040 pivotal trial data in Europe, expected in the next few weeks. BL-1040, known as bioabsorbable cardiac matrix or BCM, is "a novel, first-in-class device to prevent left ventricular remodeling and subsequent progression to congestive heart failure in patients who have had a heart attack (acute myocardial infarction)," the report said. Bellerophon Therapeutics Inc BLPH, BiolineRx's partner for BL-1040, announced that all patients had completed follow-ups in June. If statistically significant, the final data may support registration in Europe as early as mid-2016. A US pivotal study is expected next year. Analyst Jason Kolbert commented, "This is good news for both BiolineRx and Bellerophon. BL-1040 CE mark registration would result in BiolineRx shifting to a commercial stage company from solely development-stage. Combined we see a valuation inflection coming soon if the data is positive." "We value BioLineRx based on the expected royalties from the products in late-stage development," Kolbert added.