NEW YORK & PETACH TIKVAH, Israel--(BUSINESS WIRE)-- <\/p>\n
BrainStorm Cell Therapeutics Inc. (BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that Brainstorm Cell Therapeutics Ltd. was awarded a 3 million NIS grant from Israels Office of the Chief Scientist (OCS) for the year 2013. The grant is intended to support BrainStorms Research and Development program for its innovative stem cell therapy candidate NurOwn. <\/p>\n
We are thankful to the OCS for its continued support of our Research and Development program. The non-dilutive capital funding from the OCS will help facilitate continuation of our clinical trials in Israel, as well as our preparations for clinical trials in the USA, said Dr. Adrian Harel, BrainStorms CEO. <\/p>\n
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing grants of a total of $1.8 million until today. The Company is required to pay royalties to the OCS, amounting to 3% - 3.5% of revenues derived from sales of the products funded with these grants, but only up to the amount equal to 100% of the grants received plus LIBOR interest. <\/p>\n
As reported by Brainstorm on Monday December 10, the Company anticipates announcing a new date for its shareholders teleconference shortly. <\/p>\n
About BrainStorm Cell Therapeutics, Inc. <\/p>\n
BrainStorm Cell Therapeutics Inc. is a biotechnology company engaged in the development of first-of-its-kind adult stem cell therapies derived from autologous bone marrow cells for the treatment of neurodegenerative diseases. The Company holds the rights to develop and commercialize its NurOwn technology through an exclusive, worldwide licensing agreement with Ramot, the technology transfer company of Tel Aviv University. For more information, visit the companys website at http:\/\/www.brainstorm-cell.com<\/a>. <\/p>\n About the Office of the Chief Scientist <\/p>\n The Office of the Chief Scientist (OCS) in Israels Ministry of Industry, Trade and Labor is charged with execution of government policy for support of industrial R&D. The goal of the OCS is to assist in the development of technology in Israel as a means of fostering economic growth, encouraging technological innovation and entrepreneurship, leveraging Israel's scientific potential, enhancing the knowledge base of industry in Israel, stimulating high value-added R&D and encouraging R&D collaboration both nationally and internationally. <\/p>\n Safe Harbor Statement <\/p>\n <\/p>\n Read this article:<\/p>\n BrainStorm Receives 3 Million NIS Grant from Israel\u2019s Office of the Chief Scientist<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" NEW YORK & PETACH TIKVAH, Israel--(BUSINESS WIRE)-- BrainStorm Cell Therapeutics Inc. (BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that Brainstorm Cell Therapeutics Ltd Continue reading