Hebrew article - Google translated:
The Bioline report
Bioline, which is traded in Tel Aviv and NASDAQ, and which developed a product that improves the process of collecting stem cells as part of bone marrow transplant treatment, this week published its reports for 2023, the first year in which its drug Aphexda is on the market. The drug was approved for marketing in September, and the company recorded annual revenues of 4.8 million dollars, but of that only 0.2 million is from actual product sales and the rest is an advance from a licensing deal for the product in Asia. That is, in the last two months of 2023, the company still hasn't had time to significantly realize its marketing channels.
Investors were not satisfied with the pace of the launch and sent the stock down 17%, so the company's value now stands at $83 million. The announcement by Gamida Cell, another Israeli company in a similar field, that after a stuttering launch, it will be deleted from the stock market and become a private company may also have had an impact.
However, Bioline communicated in the report about progress in obtaining insurance indemnity for the product. Insurance companies that cover 95% of the relevant patients have agreed in principle to cover the use of the product, which is also included in the medical protocols of the organizations of doctors dealing with transplants. About 20% of the main transplant centers are already able to handle Bioline's procedure, and it hopes to report 35% of these by the end of the first half of 2024 and 60% by the end of 2024. The company also has additional products in development.
The company has about 43 million dollars in its coffers, which should be enough for it, along with a line of credit it received from Kreos Capital, to finance its planned activities until 2025.
