BioLineRX News: Why BLRX Stock Is Skyrocketing Today

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BioLineRX (NASDAQ:BLRX) stock is soaring on Friday after the company announced a piece of big news for one of the items in its drug pipeline.

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The clinical-stage biopharmaceutical company announced “positive results” from its ongoing GENESIS Phase 3 trial of motixafortide for stem cell mobilization (SCM) in multiple myeloma patients. Motixafortide is a member of the BioLineRX pipeline, and targets a specific receptor that plays a role in how cancer develops.

Additionally, the trial’s data monitoring committee recommended that the firm ceases patient enrollment due to the effectiveness of motixafortide. That said, BioLineRX also expects data from the trial will come during the first half of 2021.

Philip Serlin, chief executive officer of BioLineRx, had this to say about the recent update:

“The compelling results of this planned interim analysis are a very significant milestone for our Company, as our SCM program is the Company’s most efficient path to registration for motixafortide. …We eagerly await the final results of the study, expected in the first half of next year, which we hope will support our goal of changing the treatment paradigm in autologous stem-cell mobilization, thus positioning motixafortide in combination with G-CSF as the new standard of care in this indication.”

BLRX stock was up over 80% as of Friday morning.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick Clarkson is a web editor at InvestorPlace.

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