NEW YORK & PETACH TIKVAH, Israel, Dec. 15, 2014 /PRNewswire/ -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that wholly-owned subsidiary Brainstorm Cell Therapeutics Ltd. was awarded a grant of approximately $1.1 million from Israel's Office of the Chief Scientist (OCS). 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 Trade and Industry 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 including BrainStorm's phase 2 clinical program in amyotrophic lateral sclerosis (ALS).
BrainStorm's CEO Tony Fiorino, MD, PhD, commented "We are most grateful to the OCS for its ongoing support of our important research and development activities, and we certainly view this grant as a validation of our belief in the potential of the NurOwn™ platform. We have much work planned for the continued development of our novel cell therapy, and this non-dilutive funding will provide very meaningful support for our efforts."
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing grants totalling approximately $4.1 million in support of the development of NurOwn™. BrainStorm is 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 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. BrainStorm 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. For more information, visit BrainStorm'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. The forward-looking statements contained in this press release 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.
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SOURCE BrainStorm Cell Therapeutics Inc.