NEW YORK, NY and PETACH TIKVAH, ISRAEL--(Marketwired - Jun 4, 2013) - BrainStorm Cell Therapeutics (OTCQB: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that the Company has received the third installment of the 2013 grant from Israel's Office of the Chief Scientist (OCS) in the amount of approximately $335,000 (~1.2M NIS). The yearly grant for 2013, in the amount of $729,000 (~2.7M NIS), was 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 NurOwn R&D program. The non-dilutive funding we receive from them will support our efforts to expedite our clinical development program as well as optimization of the NurOwn manufacturing process," said Alon Natanson, BrainStorm's CEO. The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing a total of $2.67 million in grants, including this one. Under the terms of the 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 … Continue reading
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