BrainStorm Receives 1.2 Million NIS Grant From Israel's Office of the Chief
NEW YORK, NY and PETACH TIKVAH, ISRAEL -- (Marketwired) -- 06/04/13
-- BrainStorm Cell Therapeutics (OTCQB: BCLI), a leading developer
of adult stem cell technologies for neurodegenerative diseases,
announced today that the Company has received the third installment
of the 2013 grant from Israel's Office of the Chief Scientist (OCS)
in the amount of approximately $335,000 (~1.2M NIS). The yearly grant
for 2013, in the amount of $729,000 (~2.7M NIS), was awarded to
BrainStorm's Research and Development program towards the development
of its leading and innovative NurOwn(TM) therapy for ALS using
autologous adult stem cells.
"We are thankful to the OCS for its continued support of our NurOwn
R&D program. The non-dilutive funding we receive from them will
support our efforts to expedite our clinical development program as
well as optimization of the NurOwn manufacturing process," said Alon
Natanson, BrainStorm's CEO.
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007,
providing a total of $2.67 million in grants, including this one.
Under the terms of the grant, the Company is required to pay
royalties to the OCS, amounting to 3% - 5% of revenues derived from
sales of the products funded with these grants, but only up to the
amount equal to 100% of the funds received.
About the Office of the Chief Scientist
The Office of the Chief
Scientist [OCS] in the Ministry of Industry, Trade and Labor 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.
About BrainStorm Cell Therapeutics, Inc.
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. 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. 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.
BrainStorm Cell Therapeutics Inc.
Mr. Alon Natanson
LifeSci Advisors, LLC
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