Healthcare Industry News: BrainStorm Cell Therapeutics
News Release - November 12, 2007
BrainStorm Cell Therapeutics Secures Significant Equity Financing and Raises Research BudgetACCBT Corp. Invests Additional $750,000 in Leading Adult Stem Cell Research Company
NEW YORK & PETACH TIKVAH, Israel--(HSMN NewsFeed)--BrainStorm Cell Therapeutics Inc. (OTCBB: BCLI ), a leading developer of adult stem cell technologies and therapeutics, is pleased to announce that it has completed a second equity financing closing with ACCBT Corp., a company under the control of BrainStorm’s President, Chaim Lebovits. Proceeds from the financing will be used to build a Vivarian facility to test BrainStorm technologies, as well as to conduct preclinical studies, efficacy and toxicity in connection with the Company’s efforts to treat and cure Parkinson’s disease and ALS (Lou Gehrig’s disease), and allow BrainStorm to extend its research to focus on additional illnesses.
“BrainStorm appreciates the continued financial and strategic support provided by ACCBT Corp. in the Company’s quest to treat and cure serious neurodegenerative diseases,” said Rami Efrati, BrainStorm’s Chief Executive Officer. “BrainStorm is making dramatic progress with its science and technology and is optimistic that, with G-d’s help, we will provide a solution to sufferers of these illnesses.”
“In just a short period of time, BrainStorm has managed, thank G-d, to make immense progress in its research and studies,” added Mr. Lebovits. “ACCBT’s most recent investment is testament to ACCBT’s confidence in BrainStorm’s results, and will further provide BrainStorm with the funds that it needs to rapidly move forward in the stages toward developing remedies for these debilitating diseases.”
This investment of $750,000 was contemplated by the previous agreement between ACCBT Corp. and BrainStorm announced in July of this year, where the company had agreed to invest up to $5 million in the Company.
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is an emerging company developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment of neurodegenerative diseases. The NurOwn(TM) patent pending technology is based on discoveries made by the scientific team led by prominent neurologist Professor Eldad Melamed, Head of Neurology at Rabin Medical Center, and expert cell biologist Dr. Daniel Offen, Head of the Neuroscience Laboratory at the Felsenstein Medical Research Center of Tel-Aviv University. The technology allows for the differentiation of bone marrow-derived stem cells into functional neurons and astrocytes, 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 Parkinson's disease, although its technology has promise for treating several others diseases including MS, ALS, Huntington's disease and stroke.
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, including BrainStorm's ability to complete its equity financing transactions previously disclosed,. The potential risks and uncertainties include, among others, risks associated with BrainStorm Cell Therapeutics Inc.'s limited operating history, history of losses and expectation to incur losses for the foreseeable future; dependence on its license to Ramot's technology; ability, together with its licensor, to adequately protect the NurOwn(tm) technology; dependence on key executives 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.'s market; the limited public trading market for BrainStorm Cell Therapeutics Inc.'s stock which may never develop into an active market; and other factors detailed in BrainStorm Cell Therapeutics Inc.'s annual report on Form 10-KSB, quarterly reports on Form 10-QSB, current reports on Form 8-K and other filings with the Securities and Exchange Commission available at http://www.sec.gov/ or by request to the Company. The Company does not undertake any obligation to update forward-looking statements made by us.
Source: BrainStorm Cell Therapeutics
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