Health & Fitness
Health and Fitness
Health and Fitness
Tue, December 21, 2010
Mon, December 20, 2010
BrainStorm Obtains Funding From Israela?s Office of the Chief Scientist
NEW YORK & PETACH TIKVAH, Israel--([ BUSINESS WIRE ])--BrainStorm Cell Therapeutics Inc. (OTCBB: BCLI), a leading developer of adult stem cell technologies and therapeutics, today announced that it received notice from Israela™s Office of the Chief Scientist (OCS) of its commitment to match expenditures on the Companya™s NurOwna" adult stem cell therapy program with a total grant of up to NIS 2.8 million (over $750,000).
"The non-dilutive capital that our company has received from the OCS helps advance our NurOwna" technology as a new treatment paradigm for patients with amyotrophic lateral sclerosis (ALS) and other neurological disorders."
aWe are grateful to the OCS for its continued support of BrainStorm,a said Chaim Lebovits, President of BrainStorm. aThe non-dilutive capital that our company has received from the OCS helps advance our NurOwna" technology as a new treatment paradigm for patients with amyotrophic lateral sclerosis (ALS) and other neurological disorders.a
The OCS has supported BrainStorm since 2007, providing grants of approximately $950,000 to date including the latest award. The Company is obligated to pay royalties to the OCS, amounting to 3% to 5% of revenues derived from sales of the products funded with these grants, up to an amount equal to 100% of the grants received, linked to the U.S. dollar.
BrainStorm is preparing for a Phase I/II clinical trial in Israel with the Companya™s adult stem cell therapy in patients with ALS, often referred to as Lou Gehrig's Disease. The study will be conducted in cooperation with the world-renowned Hadassah Medical Center and will be conducted by a joint team headed by the principal investigator Dimitrios Karussis, M.D., Ph.D., of the Hadassah Medical Center, and a scientific team from BrainStorm headed by Prof. Eldad Melamed. The initial phase of the study is designed to establish the safety of NurOwna" and will later be expanded to assess efficacy.
The trial is expected to begin following validation of sterility tests requested by the Ministry of Health and screening of patients for the trial. Additional information regarding the process of selecting patients for the Phase I/II clinical trial will be communicated at a later date.
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. The OCS distributes an annual fund of approximately $4,000,000 in grants.
About Amyotrophic Lateral Sclerosis
Amyotrophic lateral sclerosis (ALS), often referred to as Lou Gehrig's Disease, is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord. According to the ALS Association, approximately 5,600 people in the U.S. are diagnosed with ALS each year and it is estimated that as many as 30,000 Americans may have the disease at any given time. The financial cost to families of patients is exceedingly high, and it is estimated that in the advanced stage, care can cost an average of $200,000 per year, which represents more than a $6 billion cost to the healthcare system.
About NurOwna"
BrainStorma™s core technology, NurOwna", is based on the scientific achievements of Professor Eldad Melamed, former Head of Neurology, Rabin Medical Center, and Tel-Aviv University, and a member of the Scientific Committee of the Michael J. Fox Foundation for Parkinson's Research, and Professor Daniel Offen, Head of the Neuroscience Laboratory, Felsenstein Medical Research Center (FMRC) at the Tel-Aviv University.
The NurOwna" technology processes adult human mesenchymal stem cells that are present in bone marrow and are capable of self-renewal as well as differentiation into many other cell types. The research team is among the first to have successfully achieved the in vitro differentiation of adult bone marrow cells (animal and human) into astrocyte-like cells capable of releasing neurotrophic factors, including glial-derived neurotrophic factor (GDNF). The ability to induce differentiation into astrocyte-like cells along with intramuscular or intrathecal (or other) delivery makes NurOwna" technology highly attractive for treating ALS and Parkinsona™s disease as well as MS and spinal cord injury.
BrainStorma™s stem cell therapy contains human mesenchymal stromal cells induced to differentiate into astrocyte-like cells secreting neurotrophic factors by means of a specific differentiation-inducing culture medium.
About BrainStorm Cell Therapeutics, Inc.
BrainStorm Cell Therapeutics Inc. is an emerging company developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment of neurodegenerative diseases. The Company holds rights to develop and commercialize the technology through an exclusive, worldwide licensing agreement with Ramot at Tel Aviv University Ltd., the technology transfer company of Tel-Aviv University. For more information, visit the companya™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. The potential risks and uncertainties include 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 ]. The Company does not undertake any obligation to update forward-looking statements made by us.
