NEW YORK & PETACH TIKVAH, Israel--(BUSINESS WIRE)--BrainStorm Cell Therapeutics Inc. (OTC.QB: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that Brainstorm Cell Therapeutics Ltd. was awarded a $800,000 non-dilutive grant from Israel’s Office of the Chief Scientist (OCS) for the year 2014. The grant is intended to support BrainStorm’s clinical and product development for its innovative stem cell therapy candidate NurOwn™.
“We are thankful to the OCS for its continued support. The non-dilutive capital funding from the OCS will help facilitate our clinical trials in Israel and the USA as well as our continued product development,” said Mr. Chaim Lebovits, BrainStorm’s President and Principal Executive Officer.
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing grants of a total of approximately $3 million until today. The Company is required to pay royalties to the OCS, amounting to 3% - 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 grants received plus LIBOR 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. 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.
About the Office of the Chief Scientist
The
Office of the Chief Scientist (OCS) in Israel’s 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.
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.