Brainstorm Cell Therapeutics Ltd. (Bulletin Board:BCLI), which develops adult stem cell therapeutics targeting Central Nervous System (CNS) neurodegenerative diseases, has received $350,000 from Israel’s chief scientist at the Ministry of Industry, Trade and Labor. This is the first installment in the $1.1 million grant it has been awarded. The grant is for BrainStorm to develop its NurOwn therapy for ALS (Lou Gehrig's disease) using adult stem cells.
BrainStorm is in Phase I/II human clinical trials in Israel with NurOwn. The study is conducted at the Hadassah Medical Center in Jerusalem. The initial phase of the study is designed to assess the safety of NurOwn and interim results for the first 12 patients are expected next month.
BrainStorm president Chaim Lebovits said, “The OCS grant will enable BrainStorm to continue its clinical program and accelerate its development of new CNS indications.”
Since being founded in 2007, the chief scientist has awarded $1.75 million in grants to BrainStorm including the latest grant. The company is required to pay royalties to the chief scientist, amounting to 3-5% of revenues from sales of the products funded with these grants, but only up to the amount equal to 100% of the grants received. If there are no sales then no repayment is required.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2012
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