Israel-based BioLineRx has signed an exclusive agreement with Omega Pharma for its BL-5010, for over-the-counter (OTC) indications in the territory of Europe, Australia and additional selected countries.

Terms of the outlicensing agreement have not been disclosed.

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BL-5010 is indicated for non-surgical removal of benign skin lesions and it offers an alternative to painful, invasive and expensive removal treatments including cryotherapy, laser treatment and surgery.

BioLineRx CEO Kinneret Savitsky said: "We are very pleased to partner with Omega Pharma, a top consumer healthcare company and a leading provider of over-the-counter medicines and healthcare products.

"BL-5010 is indicated for non-surgical removal of benign skin lesions and it offers an alternative to painful, invasive and expensive removal treatments including cryotherapy, laser treatment and surgery."

"We are looking forward to collaborating with Omega in bringing the first product, based on our effective non-invasive solution, to market as early as 2016."

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As part of the agreement, all development activities required to obtain regulatory approval in the licensed territory for at least two OTC indications will be taken up by Omega Pharma.

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Owning exclusive responsibility for commercialisation, the company will sponsor and manufacture the product in relevant regions.

BioLineRx will receive an undisclosed amount from Omega Pharma for each unit sold, and will also be entitled to certain commercial milestone payments.

The company will hold complete access to all clinical and R&D data generated during performance of the development plan. Data can be used to develop or license the product in other territories and fields of use where it retains the rights.

BL-5010 completed a Phase I/II pilot clinical trial for the removal of seborrheic keratosis, which demonstrated better efficacy and cosmetic results, according to BioLineRx.