Brainstorm Cell Therapeutics Ltd. (Bulletin Board:BCLI), a developer of adult stem cell therapies for neurodegenerative diseases, has received a $800,000 grant from the Office of the Chief Scientist. The grant will support the company's clinical and product development in 2014 for its innovative stem cell therapy candidate NurOwn.
NurOwn is an adult stem cell therapy technology that differentiates bone marrow-derived mesenchymal stem cells into specialized, neuron-supporting cells for the treatment of neurodegenerative diseases. The technology based on the scientific achievements of Prof. Eldad Melamed, former Head of Neurology at Rabin Medical Center in Israel and Prof. Daniel Offen, the head of the Neuroscience Laboratory, Felsenstein Medical Research Center at Tel Aviv University.
"The non-dilutive capital funding from the Chief Scientist will help facilitate our clinical trials in Israel and the US as well as our continued product development,” said BrainStorm Cell president and CEO Chaim Lebovits.
BrainStorm Cell has received $3 million in Chief Scientist grants since 2007. The company must pay royalties to the Chief Scientist amounting to 3-3.5% of revenue derived from sales of the products funded with these grants, up to the full amount the grants received plus LIBOR interest.
Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2013
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