Full Press Release Details
Announces Pricing of Public Offering of Common Stock and Warrants
NEW YORK & PETACH TIKVAH, (Israel)
July 17, 2012 - BrainStorm Cell Therapeutics Inc. (OTCBB: BCLI), an innovative developer of adult stem cell technologies
and Central Nervous System (CNS) therapeutics, today announced the pricing of a registered public offering of shares of common
stock and warrants to purchase common stock. In connection with the public offering, the Company entered into agreements with investors
to sell approximately 19.8 million shares of its common stock at a price per share of $0.29, representing gross proceeds of approximately
$5.75 million. Net proceeds to BrainStorm, after deducting fees to the placement agent and other offering expenses, are expected
to be approximately $4.78 million.
Investors will also receive warrants to
purchase approximately 14.9 million shares of the Company's common stock (for each share of common stock purchased in the
offering, investors will also receive a warrant to purchase 0.75 shares of common stock). The warrants have an exercise price of
$0.29 per share and a term of exercise of 30 months. The offering is expected to close on or about July 20, 2012, subject to customary
closing conditions. The Company will not hold any additional closings in connection with this offering.
The Company plans to
use the net proceeds from the offering for clinical trials in the United States and Israel, research and development, working capital
needs, capital expenditures and other general corporate purposes.
Maxim Group LLC served as the lead placement
agent for the offering.
The securities described above were offered
pursuant to a registration statement on Form S-1 (File No. 333-179331), which was declared effective by the United States Securities
and Exchange Commission ("SEC") on July 13, 2012 (the "Registration Statement"). This press release shall
not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there
be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or jurisdiction. When filed with the SEC, copies
of the prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov or by request at
Maxim Group LLC, 405 Lexington Avenue, New York, NY 10174.
About BrainStorm Cell Therapeutics,
BrainStorm Cell Therapeutics Inc. is a
biotech company developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment
of neurodegenerative diseases. The Company, through its wholly owned subsidiary Brainstorm Cell Therapeutics Ltd., holds rights
to develop and commercialize the technology through an exclusive, worldwide licensing agreement with Ramot at Tel Aviv University
Ltd., the technology transfer company of Tel-Aviv University. The technology is currently in a Phase I/II clinical trials for Amyotrophic
Lateral Sclerosis (ALS), also known as Lou Gehrig's disease, in Israel.
Contact information:
Adrian Harel, Ph.D., CEO
BrainStorm Cell Therapeutics Inc.
Phone: +972-3-9236384
Email: aharel@brainstorm-cell.com