BiolineRX says drug helps schizophrenic cognition

TEL AVIV, Sept 23 (Reuters) - Israeli drug development company BiolineRX (BLRX.TA) said on Wednesday results of a Phase 2b trial of its schizophrenia treatment BL-1020 demonstrate a positive impact on the cognitive function of patients.

The company said it believed this was a breakthrough in the area of treatment for schizophrenics, who suffer from a significant decline in cognitive function, making it difficult for them to work and perform daily tasks.

BiolineRX said that to the best of its knowledge, current drugs on the market or in advanced development do not offer a solution to this impairment.

Clinical trials have already shown that BL-1020 is efficient and safe for the treatment of schizophrenics, the company added.

Cognition is measured by a variety of factors such as memory, verbal abilities and the ability to learn and carry out tasks, the company said.

The global market for anti-psychotic drugs is expected to reach $17 billion in 2016, according to an assessment carried out by the Frankel Group for BiolineRX.

The company said BL-1020 is expected to capture 20-30 percent of this market, provided that development of the drug is completed. This estimate does not take into account the potential for the drug to treat other neurological/psychiatric disorders that impair cognitive function.

"The company plans to act on these findings and seek to cooperate with international pharmaceutical companies in order to complete the development and marketing of BL-1020," BiolineRX said.

Its shares were up 5.7 percent at 2.763 shekels at midday. ($1 = 3.73 shekels) (Reporting by Tova Cohen; Editing by Rupert Winchester)