BioLineRx Jumps 11% as CFO Says in Schizophrenia Drug Talks
BioLineRx Ltd. (BLRX) rose the most since February after the biopharmaceutical company said it’s in talks with larger drugmakers interested in developing an experimental schizophrenia pill.
The shares rose as much as 11 percent, the most since Feb. 6, to 1.06 shekels. They traded at 1.01 shekels at 2:52 p.m. in Tel Aviv.
The drug improved patients’ cognitive function in a mid- stage trial in 2010 and the company expects results from a more advanced study next year, Chief Financial Officer Philip Serlin said. Partnership talks will probably “heat up” then, he said.
BioLine, based in Jerusalem, says its BL-1020 drug may turn out to help patients function better in daily life while anti- psychotic medicines such as AstraZeneca Plc (AZN)’s Seroquel and Johnson & Johnson (JNJ)’s Risperdal help quell schizophrenia symptoms such as hearing voices or violent outbursts.
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