Full Press Release Details
BrainStorm Receives 1.3 Million NIS Grant from Israel's Office of the Chief Scientist Dr. Adrian Harel Promoted as
Permanent CEO of Brainstorm
NEW YORK & PETACH TIKVAH, Israel--(BUSINESS WIRE)-- BrainStorm Cell Therapeutics Inc. (OTCBB: BCLI), a developer of
adult stem cell therapeutics targeting Central Nervous System (CNS) neurodegenerative diseases, announced today that Brainstorm
Cell Therapeutics Ltd. received the first installment of the 2012 grant from Israel's Office of the Chief Scientist
(OCS) in the amount of approximately $350,000. The yearly grant for 2012 is $ 1,100,000 (~4.2 M NIS). The grant is awarded
to BrainStorm's Research and Development program towards the development of its leading and innovative NurOwn therapy
for ALS using autologous adult stem cells.
"We are thankful to the OCS for its continued support of our Research and Development program. The non-dilutive capital
that we are receiving from the OCS will help move forward our NurOwn technology as a potential new treatment standard for
patients with Amyotrophic Lateral Sclerosis (ALS) and Multiple Sclerosis (MS)," said Dr. Adrian Harel - BrainStorm's
BrainStorm is in Phase I/II human clinical trials in Israel with NurOwn, BrainStorm's adult stem cell therapy in
patients with ALS (often referred to as Lou Gehrig's Disease). The study is conducted at the Hadassah Medical Center and is
headed by principal investigator Dimitrios Karussis, M.D., Ph.D., of the Hadassah Medical Center, together with a scientific
team from BrainStorm headed by Prof. Eldad Melamed. The initial phase of the study is designed to assess the safety of NurOwn.
As previously announced by Brainstorm (see our press release of March 29, 2012) the interim results for the first 12 patients
are expected by July 2012.
"The OCS grant will enable BrainStorm to continue its clinical program and accelerate its development of new CNS
indications," said Chaim Lebovits, President of Brainstorm. "I would also like to take this opportunity to congratulate
Dr. Adrian Harel on the occasion of his promotion by the Board of Directors as CEO of Brainstorm. Dr. Harel is successfully
leading the company, together with the entire wonderful team at Brainstorm, to the next exciting phase of developing our NurOwn
product to treat ALS and other neurodegenerative diseases," said Lebovits.
The OCS has supported BrainStorm Cell Therapeutics Ltd. the Israeli Subsidiary since 2007, providing grants of a total
of $1.75 million including this grant. The Company is required to pay royalties to the OCS, amounting to 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.
About the Office of the Chief Scientist
The Office of the Chief Scientist [OCS] in the 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.
About BrainStorm Cell Therapeutics, Inc.
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. Brainstorm, through its wholly owned subsidiary,
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 ALS.
About Amyotrophic Lateral Sclerosis
Amyotrophic lateral sclerosis (ALS), often referred to as Lou Gehrig's Disease, is a rapidly progressive neurodegenerative
disease caused by motor-neuron degeneration. According to the ALS Association, approximately 5,600 people in the U.S. are
diagnosed with ALS each year and it is estimated that as many as 30,000 Americans may have the disease at any given time.
BrainStorm's core technology, NurOwn, is based on the scientific achievements of Professor Eldad Melamed, former
Head of Neurology, Rabin Medical Center, and Tel-Aviv University, and a member of the Scientific Committee of the Michael
J. Fox Foundation for Parkinson's Research, and Professor Daniel Offen, Head of the Neuroscience Laboratory, Felsenstein Medical
Research Center (FMRC) at the Tel-Aviv University.
The NurOwn technology processes autologous adult human mesenchymal stem cells that are present in bone marrow and are capable
of self-renewal as well as differentiation into many other cell types. Adult human bone marrow cells are induced to differentiate
into astrocyte-like cells capable of releasing neurotrophic factors, including glial-derived neurotrophic factor (GDNF) by
means of a specific differentiation-inducing culture medium. The ability to induce differentiation into astrocyte-like cells
along with intramuscular or intrathecal (or other) delivery makes NurOwn technology a potentially highly attractive method
for treating ALS and Parkinson's disease as well as MS and spinal cord injury.
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. The Company does not undertake any obligation
to update forward-looking statements made by us.
BrainStorm Cell Therapeutics (OTCBB: BCLI)
Adrian Harel, Ph.D., CEO
Source: BrainStorm Cell Therapeutics Inc.