Why BioLineRx Shares Are Getting Obliterated Monday

BioLine RX Ltd - ADR BLRX shares are trading lower by 32.21% to $1.06 Monday morning after the company announced a $15 million registered direct offering.

What Else?

The offering is expected to close on or about September 21st, subject to satisfaction of customary closing conditions.

BioLineRx intends to use the net proceeds to facilitate the commercial launch of Motixafortide in autologous stem cell mobilization for multiple myeloma patients and general corporate purposes, which may include working capital and funding clinical trials.

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According to data from Benzinga Pro, BioLineRx has a 52-week high of $3.15 and a 52-week low of $1.01.