BrainStorm Cell Therapeutics Secures Funding to Reach Clinical Trials for ALS
News Sep 07, 2009
BrainStorm Cell Therapeutics Inc. has announced that the company has secured the funding required to complete pre-clinical trials underway for the treatment of ALS (Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s disease). The company expects to begin Phase I clinical studies in 2010.
The new funding includes both a prestigious grant from the Israeli government’s Office of the Chief Scientist (OCS) as well as private investment.
“We are very gratified to receive these financial votes of confidence in our breakthrough stem cell technology. The new funding will enable us to complete our pre-clinical studies in ALS and meet our goal of beginning clinical studies in the coming year,” said Rami Efrati, CEO of BrainStorm.
The non-equity OCS grant amounts up to $450,000.and marks the third consecutive year in which BrainStorm has been selected as a recipient. The company previously was awarded OCS grants totaling $798,000. BrainStorm’s royalty obligations to the OCS are capped at the amount of the grant received from the OCS.
In addition, ACCBT Corporation, a private company investing in biotechnology, has announced that it will implement an additional investment of about $1 million in BrainStorm. ACCBT is under the control of Chaim Lebovits, BrainStorm’s President, and has previously invested more than $4 million in the company.
The new funding will comprise monthly tranches of $50,000 or more as of August 2009. In return for its investment, ACCBT will receive shares of common stock from the company at a price of $0.12 per share and warrants for $0.29.
“The promising study results we have seen so far make me confident that the company, with G-D's help, will be able to rapidly progress to a therapy for the unmet medical need of devastating neurodegenerative conditions like ALS,” said Mr. Lebovits.
PhoreMost Completes $15M (£11M) Series-A Round to Enter Drug DiscoveryNews
Investment to fund expansion of operations and progression of drug target pipeline.READ MORE
Stem Cell Signaling Drives Mammary Gland DevelopmentNews
New research illuminates the biology of breast tissue development and may pave the way to new strategies for diagnosing or even treating cancer.READ MORE
Comments | 0 ADD COMMENT
9th International Conference on Mass Spectrometry and Chromatography
Sep 21 - Sep 22, 2018