BLRX - BioLineRx stock slips on $15M securities offering

• BioLineRx ( NASDAQ: BLRX ) shares dropped 30% pre-market on Monday after the biopharmaceutical company announced a $15M securities offering.
• The firm entered into definitive agreements with several institutional investors for the issuance and sale of 13,636,365 of its American Depositary Shares and warrants to purchase up to 13,636,365 ADSs at a combined purchase price of $1.10 per ADS and associated warrant.
• Each ADS represents 15 ordinary shares, par value NIS 0.10 per share, of BioLineRx.
• The warrants will have an exercise price of $1.15/ADS and will be exercisable at any time upon issuance and will expire five years from the date of issuance.
• Gross proceeds from the offering are expected to be $15M. Net proceeds will be used 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.
• The offering is expected to close on or about Sep 21, 2022.

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