BrainStorm Cell Therapeutics Inc. is a leading developer of adult stem cell therapeutic products. The company holds the global rights to develop and commercialize its core technology – NurOwn – which was developed at Israel’s Tel-Aviv University.
The NurOwn technology processes adult human mesenchymal stem cells that are present in bone marrow. These cells are capable of self-renewal as well as differentiation into many other cell types. The technology is highly attractive for treating spinal cord injuries, multiple sclerosis, Parkinson’s disease and ALS – Amyotrophic lateral sclerosis, which is widely known as Lou Gehrig’s disease.
The company announced today that it received notice from Israel’s Office of the Chief Scientist (OCS) of its commitment to match expenditures on BrainStorm’s NurOwn adult stem cell therapy program with a total grant of up to $750,000. The OCS – which is part of Israel’s Ministry of Industry, trade and Labor – has supported BrainStorm since 2007, providing grants of approximately $950,000 to date including the latest award.
BrainStorm Cell Therapeutics is required, however, to pay royalties to the OCS. These royalties amount to 3% to 5% of revenues derived from sales of the products funded with these grants, up to an amount equal to 100% of the grants received. Royalty payments are also linked to the value of the US dollar.
The company is preparing for a Phase I/II clinical trial for its adult stem cell therapy in Israel with patients who have ALS. The initial phase of the study is designed to establish the safety of NurOwn and will later be expanded to assess efficacy. The trial is expected to begin after validation of sterility tests requested by Israel’s Ministry of Health.
For further information about BrainStorm Cell Therapeutics and its NurOwn technology, please visit the company’s website at www.brainstorm-cell.com.