BioLineRx, Hemispherian AS establish joint venture to develop GLIX1

BioLineRx (BLRX) and Hemispherian AS, a Norwegian biotech company focused on small molecule cancer therapeutics, announced the establishment of a joint venture to develop GLIX1, a first-in-class, oral, small molecule targeting DNA damage response in glioblastoma and other cancers. GLIX1 agonizes TET2 activity in cancer cells, resulting in the formation of double-stranded DNA breaks and apoptosis specifically in cancer cells. Pursuant to the terms of the JV agreement, Hemispherian will contribute the global rights of GLIX1 to the JV, and BioLineRx will be responsible for managing, performing and funding all JV development activities. In consideration for their respective contributions, as of the JV’s inception, Hemispherian will hold 60% of the JV’s share capital, and BioLineRx will hold a 40% stake, with BioLineRx’s stake increasing incrementally to a potential maximum of 70% in parallel with its continued investment in the program. The parties agreed that all funding from BioLineRx would go strictly to asset development. The JV also has a first look at other molecules in Hemispherian’s pipeline.