BLRX trades on heavy volume after compelling Phase 3 Trials of Motixafortide (BL-8040) for the cancer treatment.
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BioLineRx Ltd. (BLRX), a clinical-stage biopharmaceutical firm announced today that it has obtained positive results from an interim analysis of its GENESIS Phase 3 trial of motixafortide (BL-8040) for stem cell mobilization (SCM) in multiple myeloma patients.
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Multiple myeloma is cancer that forms in a type of white blood cell called a plasma cell. The cancerous plasma cells accumulate in the bone marrow and crowd out healthy blood cells.
After reporting convincing phase 3 results from the cancer treatment trials, BioLineRx stock skyrocketed 52% in the premarket today. BLRX opened the trading session at $2.28 compared to the previous close of $1.48.
BioLineRx stock trades with a continuous bullish momentum and heavy volume as the day goes on. As we write this at 9:53 A.M EDT, BLRX was trading at $2.28 soaring by 54.05% and was leading the market with a heavy trading volume of 65 million.
The company reported that the planned interim analysis of the study’s primary endpoint was conducted independently by the Data Monitoring Committee (DMC) and the DMC has issued an immediate recommendation to BioLineRx to cease the patient enrolment after it obtained statistically significant evidence from the treatment with motixafortide.
During the planned interim analysis, it was decided that there would be 177 patients conducted into the study but after the recommendation of DMC, the company completed the enrolment at 122 patients.
The stem cell mobilization shows a wide-scale unmet medical needs in multiple myeloma. Almost between 50% to 70% of the patients of multiple myeloma are poor mobilizers.
The Chief Executive Officer of BioLineRx, Philip Serlin stated:
“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.”
The company will report the full results of the study after the last patient enrolled reaches 100 days of follow-up post-transplantation. BioLineRx anticipates the final results of the study in the first half of 2021.
The promising results of this cancer treatment study are one of the greatest achievements of the company. BioLineRx Ltd. (BLRX) is optimistic about the final results which will support its goal of changing the treatment pattern in autologous stem-cell mobilization. This will position motixafortide in combination with G-CSF as the new standard of care in multiple myeloma.