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BioLineRx Ltd.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of those who acquired BioLineRx Ltd. (“BioLine” or the “Company”) (NASDAQ: BLRX) securities between February 23, 2021 through September 19, 2022 (the “Class Period”). Investors have until March 6, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
BioLine is a biopharmaceutical development company.
 
On September 19, 2022, BioLine filed its 6-K signed by Serlin, attaching its Press Release, which stated, in pertinent part, as follows: “BioLineRx Ltd. (NASDAQ/TASE: BLRX), a pre-commercial-stage biopharmaceutical company focused on oncology, today announced that it has entered into definitive agreements with several institutional investors for the issuance and sale in a registered direct offering of 13,636,365 of the Company’s American Depositary Shares (ADSs) and warrants to purchase up to an aggregate of 13,636,365 ADSs, at a combined purchase price of $1.10 per ADS and associated warrant . . . The gross proceeds from the offering (without taking into account any proceeds from any future exercises of warrants issued in the private placement), before deducting the placement agent's fees and other offering expenses payable by the Company, are expected to be $15 million.” On this news, the price of BioLine shares declined by $0.52, or approximately 33.77%, from $1.54 per share to close at $1.02 on September 19, 2022.
 
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that:  (1) the Company was not well financed to develop Motixafortide while at the same time advancing other pipeline programs; and (2) BioLine would require a loan from Kreos Capital VII Aggregator SCSP in an aggregate principal amount of up to $40 million and then also would require a $15M securities offering to facilitate the commercial launch of Motixafortide.
 

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