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S&S Public Relations
BrainStorm Cell Therapeutics Names Dudy Stolick as Chief Financial Officer
Tel Aviv, Israel-- (Jan 17th, 2005) --BrainStorm Cell Therapeutics Inc. (OTC BB:
BCLI.OB), an emerging company in the cell therapy space, has announced that it
has retained Dudy Stolick as the Chief Financial Officer (CFO) of the company.
"Mr. Stolick brings a wealth of experience in corporate financial
management and we are very fortunate to have him on our team," said Dr. Yaffa
Beck, President and CEO of BrainStorm. "His long term track record of working
with publicly traded companies is exactly what BrainStorm needs for its
corporate development going forward."
Mr. Stolick, a certified public accountant (CPA), has over twelve years of
experience in accounting and financial management. He joins BrainStorm after
spending a decade as Corporate Controller for NASDAQ traded M-Systems Flash Disk
Pioneers Ltd. (FLSH). At M-Systems, Stolick had responsibility for the
accounting and financial activities of the company and its global subsidiaries.
His responsibilities included financial reporting, directing and implementing
investment strategy, public offerings, and financial coordination of contract
Prior to his position with M-Systems, Stolick held the position of deputy
controller at Electronics Line Ltd., a company traded on the Israel stock
exchange and an auditor in a large accounting firm. Stolick holds degrees in
Economics and Accounting from the Ben-Gurion University, Israel.
BrainStorm is focused on developing NurOwnTM cell therapy products,
sourced from adult stem cells for treatment of neurodegenerative diseases. The
company is initially focusing on development of bone marrow derived neural-like
cells for Parkinson's disease.
For more information, contact Dr. Yaffa Beck at ybeck@brainstorm-cell.com
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is an emerging company developing neural-like
stem cell therapeutic products, NurOwnTM, based on autologous bone marrow
derived stromal cells, for treatment of neurodegenerative diseases. NurOwnTM
patent pending technology is based on discoveries made by the team of prominent
neurologist, Prof Eldad Melamed, Head of Neurology at Rabin Medical Center, and
expert cell biologist Dr. Daniel Offen, at the Felsenstein Medical Research
Center of Tel-Aviv University, enabling the differentiation of bone marrow
derived stem cells into functional neurons, as demonstrated in animal models.
The company 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 company's initial
focus is on developing treatments for Parkinson's Disease.
About Stem Cell Therapy
Stem cells are non-specialized cells with a remarkable potential for both
self-renewal and differentiation into cell types with a specialized function,
such as muscle, blood or brain cells. Stem cells may be sourced from fetal or
embryonic tissue or from adult tissue reservoirs such as bone marrow. Use of
embryonic stem cells, has become the center of significant ethical and moral
debate. In contrast, use of adult stem cells does not face the same moral or
legal controversy. Stem cell therapy aims to "cure" disease by replacing the
'diseased' cells with 'healthy' cells derived from stem cells. This approach has
the potential to revolutionize medicine and, if successful, the implied
commercial opportunities are great. Currently, both embryonic stem cells (ESC)
and adult stem cells (ASC) are being explored as the potential basis for
multiple cell therapy products.
About Parkinson's Disease
Parkinson's Disease (PD), which was first described by James Parkinson in 1817
as "the shaking palsy", is a chronic, progressive neurodegenerative disorder,
affecting the brain cells responsible for production of dopamine. The symptoms
include tremors, rigidity, slowness of movement and impaired balance. Over four
million people in the developed world, including as many as 1.5 million
Americans, mainly over the age of 65, are diagnosed with PD. That figure is
predicted to rise by 10% by 2010. Pharmaceutical treatments of PD with an
estimated combined annual market value of $4 billion, are insufficient to meet
patient needs. The search for more effective treatments continues.
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. actual results to differ materially
from those stated or implied by such forward-looking
statements. The potential risks and uncertainties include,
among others, risks associated with BrainStorm Cell
Therapeutics Inc. limited operating history, history of losses
and expectation to incur losses for the foreseeable future;
need to raise additional capital to execute on its business
plan; dependence on its license to Ramot's technology and
ability to meet its funding and payment obligations included
in such license agreement; ability, together with its
licensor, to adequately protect the NurOwnTM technology;
dependence on key executives who have recently joined the
company and on its scientific consultants; ability to
identify, negotiate and successfully implement strategic
partnering relationships; ability to complete clinical trials
successfully and to obtain required regulatory approvals;
competition with companies, some of which have greater
resources and experience in developing and obtaining
regulatory approval for treatments in BrainStorm Cell
Therapeutics Inc. market; the limited public trading market
for BrainStorm Cell Therapeutics Inc. stock which may never
develop into an active market; and other factors detailed in
BrainStorm Cell Therapeutics Inc. annual report on From
10-KSB, quarterly reports on Form 10-QSB, current reports on
From 8-K and other filings with the Securities and Exchange
Commission available at http://www.sec.gov or by request to