BioLineRx rises on new schizophrenia drug data

NEW YORK -- Shares of BioLineRx jumped nearly 11 percent Tuesday after the company released results from a new clinical trial of its schizophrenia drug.

The new analysis shows that BL-1020 was even more effective compared to the drug Risperdal and a placebo, according to BioLineRx. Patients who took the drug had even greater cognitive improvement when it was administered at the same time every day, the Israeli company said .

The company reported the initial results from the study in September 2009.

BioLineRx shares gained 32 cents to $3.35.

On Sept. 24, the U.S. Patent and Trademark Office agreed to grant a new patent on BL-1020, which would last through 2031. BioLineRx shares are up 43.5 percent from its closing price on Sept. 21.

The company expects to report data from additional studies late next year.