Today, leading developer of adult stem cell technologies BrainStorm Cell Therapeutics Inc. announced that it has secured the necessary funding to complete pre-clinical trials for treatments of ALS (Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s disease). The funding includes a prestigious grant from the Israeli government’s Office of the Chief Scientist (OCS) as well as a private investment.
CEO of BrainStorm, Rami Efrati, stated, “We are very gratified to receive these financial votes of confidence in our breakthrough stem cell technology. The new funding will enable us to complete our pre-clinical studies in ALS and meet our goal of beginning clinical studies in the coming year.”
The non-equity OCS grant totals $450,000 and marks the third consecutive year BrainStorm has received the award. Previously, the company received OCS grants totaling $798,000. BrainStorm’s royalty obligations to the OCS are capped at the amount of the grant received from the OCS.
Additionally, ACCBT Corporation, a private company that invests in biotechnology, announced that it will give an additional investment of about $1 million in BrainStorm. The new funding will comprise monthly tranches of $50,000 or more. ACCBT, under the control of BrainStorm’s president Chaim Lebovits, has previously invested more than $4 million in the company. ACCBT will receive shares of common stock from the company at a price of $0.12 per share and warrants for $0.29.
Mr. Lebovits commented, “The promising study results we have seen so far make me confident that the company, with G-D’s help, will be able to rapidly progress to a therapy for the unmet medical need of devastating neurodegenerative conditions like ALS.”
The company expects to begin Phase I clinical studies in 2010.
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