HACKENSACK, N.J. and PETACH TIKVAH, Israel, Nov. 30, 2015 /PRNewswire/ -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, today announced that its wholly-owned subsidiary, Brainstorm Cell Therapeutics Ltd., has been awarded an additional grant of approximately $735,000 from Israel's Office of the Chief Scientist (OCS). This grant, the second this year, brings the total awarded by OCS to Brainstorm for 2015 activities to approximately $1.8 million (approximately NIS7 million).
As reported by the company on December 15, 2014, this is the eighth year that BrainStorm has been in receipt of grant support from the Office of the Chief Scientist, which is part of the Ministry of Economy Program to support innovative technologies in Israel. The funds will support the development NurOwn™, BrainStorm's innovative mesenchymal stem cell-based platform for treating neurodegenerative diseases. NurOwn™ is currently being investigated in a Phase 2 clinical program in amyotrophic lateral sclerosis (ALS).
BrainStorm's CEO Chaim Lebotivs, commented "We are proud that the OCS has recognized the importance and priority of our innovative R&D activities, and are grateful for its continual enthusiastic support. This is the first time the OCS has approved additional funds for our program in a single calendar year. We view this grant as a testament to the potential of the NurOwn™ platform".
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing grants totaling approximately $5.6 million in support of the development of NurOwn™. BrainStorm will be required to pay mid-single digit royalties to the OCS based on sales of the products, up to a total of the cumulative amount of OCS grants received plus accumulated interest.
About the Office of the Chief Scientist
Israel's Office of the Chief Scientist (OCS) in the Ministry of Economy is charged with execution of government policy for support of industrial R&D. The goal of the OCS is to assist in the development of technology in Israel as a means of fostering economic growth, encouraging technological innovation and entrepreneurship, leveraging Israel's scientific potential, enhancing the knowledge base of industry in Israel, stimulating high value-added R&D and encouraging R&D collaboration both nationally and internationally. A variety of ongoing support programs developed and offered by the OCS play a major role in enabling Israel to be a key center for high tech entrepreneurship.
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is a biotechnology company engaged in the development of first-of-its-kind adult stem cell therapies derived from autologous bone marrow cells for the treatment of neurodegenerative diseases. The Company holds the rights to develop and commercialize its NurOwn® technology through an exclusive, worldwide licensing agreement with Ramot, the technology transfer company of Tel Aviv University. NurOwn® has been administered to over 60 patients with ALS in clinical trials conducted in Israel and the United States, and is currently being studied in a randomized, double-blind, placebo-controlled clinical trial at three major clinical centers in the United States. For more information, visit the Company's website at www.brainstorm-cell.com.
Safe Harbor Statement
Statements in this announcement other than historical data and information constitute "forward-looking statements" and involve risks and uncertainties that could cause BrainStorm Cell Therapeutics Inc.'s actual results to differ materially from those stated or implied by such forward-looking statements. Terms and phrases such as "may", "should", "would", "could", "will", "expect", "likely", "believe", "plan", "estimate", "predict", "potential", and similar terms and phrases are intended to identify these forward-looking statements. The potential risks and uncertainties include, without limitation, risks associated with BrainStorm's limited operating history, history of losses; minimal working capital, dependence on its license to Ramot's technology; ability to adequately protect the technology; dependence on key executives and on its scientific consultants; ability to obtain required regulatory approvals; and other factors detailed in BrainStorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. These forward-looking statements are based on the beliefs, expectations and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE BrainStorm Cell Therapeutics Inc.