AP News

BioLineRx rises on new schizophrenia drug data

NEW YORK (AP) — Shares of BioLineRx jumped nearly 11 percent Tuesday after the company released results from a new clinical trial of its schizophrenia drug.

The new analysis shows that BL-1020 was even more effective compared to the drug Risperdal and a placebo, according to BioLineRx. Patients who took the drug had even greater cognitive improvement when it was administered at the same time every day, the Israeli company said .

The company reported the initial results from the study in September 2009.

BioLineRx shares gained 32 cents to $3.35.

On Sept. 24, the U.S. Patent and Trademark Office agreed to grant a new patent on BL-1020, which would last through 2031. BioLineRx shares are up 43.5 percent from its closing price on Sept. 21.

The company expects to report data from additional studies late next year.

Tim Cook's Reboot
blog comments powered by Disqus