BioLineRx Secures $40M In Debt Financing To Fund Commercialization Of Stem Cell Mobilization For Blood Cancer

BioLineRx Ltd BLRX entered into a $40 million non-dilutive secured debt financing agreement with Kreos Capital.
Per the terms of the agreement, the first tranche of $10 million was made available to BioLineRx upon execution of the definitive agreement.
The remaining $30 million will be made available in two additional tranches subject to achieving pre-specified milestones.
The tranches are available for drawdown at BioLineRx's discretion at various time points through October 1, 2024.
BioLineRx will use the funds to support an aggressive commercial launch for Motixafortide in autologous stem cell mobilization for multiple myeloma patients if approved, while it continues to evaluate the U.S. commercialization strategies.
BioLineRx recently submitted a marketing application to the FDA seeking marketing approval for this underserved hematology/oncology indication.
As of June 30, BioLineRx reported cash and cash equivalents of $43.2 million.
Price Action: BLRX shares are up 9.09% at $1.68 on the last check Thursday.