BioLineRx for Neurodegenerative Disease from Israel

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BioLineRx In-Licenses Innovative Platform for the Treatment of

Neurological Disorders from Tel Aviv and Bar Ilan Universities

BIOTECH ISRAEL 2004 JERUSALEM, Israel--(BUSINESS WIRE)--May 5, 2004

Implements in-licensing strategy and builds proprietary drug pipeline

BioLineRx Ltd., Israel's only specialized drug development company,

today announced that it has signed an in-license agreement covering the

development of novel compounds for the treatment of neurological

disorders including schizophrenia, neurodegenerative disease and cancer.

The worldwide exclusive license agreement was signed with Ramot at Tel

Aviv University Ltd., the technology transfer company of Tel Aviv

University, and Bar Ilan Research & Development Company Ltd. (BIRAD),

the technology transfer office of Bar Ilan University for technologies

developed by leading scientists and physicians at their universities.

" This agreement implements our in-licensing strategy which aims to build

a robust product pipeline of ethical pharmaceutical products for

out-licensing to leading global marketers, " said Dr. C. Laster,

CEO of BioLineRx. " The platform covers multiple compounds that are ideal

candidates for this strategy -- meeting not only our strict scientific

in-licensing criteria but also representing extremely large market

opportunities.

" These exciting drug candidates are the fruit of joint research

performed at Tel Aviv and Bar-Ilan Universities. Licensing them to

BioLineRx is the logical next step to advance these potential

therapeutics into the clinic, " said Isaac T. Kohlberg, CEO of Ramot,

" Tel Aviv University fosters innovative relationships with industry to

enable the translation of scientific findings emerging from the

university into novel therapies which will benefit the lives of patients

worldwide " .

According to Kenan, CEO of BIRAD: " Tight collaboration between

academia with novel technologies and entrepreneurial companies will

result in products that provide innovative solutions to the

marketplace. "

About BioLineRx, Ltd.

Founded in 2003 by leaders in the Israeli life-sciences sector,

BioLineRx is committed to bridging the gap between innovative R & D and

the global pharmaceutical industry with proprietary ethical drug

products. BioLineRx is focused on advancing projects from early stage

discovery and lead generation to advanced clinical trials, regulatory

approval and marketing. Partnering with researchers, universities and

biotech companies to further the commercialization of promising

compounds, BioLineRx enriches the pipeline of large pharmaceutical

companies seeking their next blockbuster drugs.