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May 30, 2014
09:20 EDTBLRXBioLineRx enters into share purchase agreement with Lincoln Park Capital
BioLineRx announced that it has signed a purchase agreement for the sale, from time to time, of up to $20M of its American Depositary Shares with Lincoln Park Capital Fund, LLC, a Chicago-based institutional investor. Kinneret Savitsky, CEO of BioLineRx, commented, “We reported a cash position of over $37.5M as of March 31, which we expect will support our clinical and operational capital needs through 2016. Nevertheless, it has been the company’s policy for several years to maintain opportunistic financing alternatives in order to allow for maximum flexibility to respond to market conditions in real time. In connection with our recent successful public offering, we terminated an ATM agreement that we had maintained, and have decided instead to renew this share purchase agreement with LPC. We believe this is an excellent future financing alternative for BioLine, since we will be able to raise capital on an as-needed basis in small tranches. We are appreciative of the continued support of LPC, which is a previous investor and has been an ongoing shareholder in BioLine,” concluded Dr. Savitsky.
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