BNY Mellon appointed by BioLineRx 26 July 2011New York Reporter: Ben Wilkie
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BNY Mellon has been selected by BioLineRx as the depositary bank for its American depositary receipt (ADR) programme.
Each BioLineRx ADR represents 10 ordinary shares and trades on the NASDAQ Capital Market under the symbol "BLRX." BioLineRx's ordinary shares trade on the Tel Aviv Stock Exchange under the symbol "BLRX."
BioLineRx is a biopharmaceutical development company dedicated to building a portfolio of products. BioLineRx's current portfolio consists of five clinical stage candidates for schizophrenia, treatment of patients following a myocardial infarction, non-surgical removal of skin lesions, neuropathic pain, and inflammatory bowel disease. BioLineRx also has nine products in various pre-clinical development stages for a variety of indications, including central nervous system diseases, oncology, infectious diseases, cardiovascular and autoimmune diseases. The company performs feasibility assessment studies and development through pre-clinical and clinical stages, with partial funding from the Israeli Government's Office of the Chief Scientist.
"Listing our ADR on NASDAQ is a landmark step in the development and growth of our company, as we look to expand our presence in the U.S.," said Dr. Kinneret Savitsky, chief executive officer of BioLineRx. "We are pleased to partner in this effort with BNY Mellon, the leader in depositary receipts. We believe its experience working with Israeli issuers and its breadth of services will ensure strong support for our listing as well as our shareholders."
"BioLineRx is the second Israeli bio-med company to create an ADR program this year and the first to list its ADR on a major US exchange," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Israel's bio and tech sectors continue to develop innovative new technologies and companies. We've been supporting Israeli companies' expansion in the global markets for nearly 25 years and will work closely with BioLineRx's team to make their listing a success."
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