Israeli stem cell developer Brainstorm Cell Therapeutics Inc. (Nasdaq:BCLI) has been awarded a $16 million grant by the California Institute for Regenerative Medicine (CIRM). The grant will support a pivotal Phase III study of NurOwn, for the treatment of amyotrophic lateral sclerosis (ALS).
Based in Petah Tikva and Hackensack, New Jersey, Brainstorm develops adult stem cell technologies for neurodegenerative diseases, today announced that the California Institute for Regenerative Medicine (CIRM) has awarded Brainstorm a grant of $16 million to
The grant from CIRM is a significant endorsement of the potential for Brainstorm's novel approach to treat ALS using adult stem cells. CIRM is the world's largest institution dedicated to cell therapies.
"We are honored to be awarded this CIRM grant, and appreciate the support of CIRM in the development of NurOwn," said Chaim Lebovits, President and CEO of Brainstorm. "This substantial award provides further support for our technology and clinical program, and recognizes the importance of developing effective treatments for patients afflicted with ALS."
Dr. Maria Millan, interim President and CEO of CIRM said, "ALS is a devastating disease with an average life expectancy of less than five years and individuals afflicted with this condition suffer an extreme loss in quality of life. They lose the ability to walk, dress themselves, speak, swallow and breathe. CIRM is partnering with Brainstorm to follow up on the Company's promising phase II trial in patients with ALS. CIRM's mission is to accelerate stem cell treatments to patients with unmet medical needs and, in keeping with this mission, our objective is to find a treatment for patients ravaged by this neurologic condition for which there is currently no cure."
Brainstorm is in the advanced stages of planning a Phase III clinical trial investigating NurOwn in ALS. The trial is expected to enroll approximately 200 patients and will be conducted at 6 top ALS clinical sites in the US. The primary outcome measure will be the ALSFR-S score responder analysis. The patient population will be optimized to include faster-progressing patients who demonstrated superior outcomes in the NurOwn Phase II ALS trial.
Brainstorm is yet to generate any revenue. The company's share price was up 9% on Friday, giving Brainstorm a market cap of $92.5 million.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2017
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