BrainStorm Cell Therapeutics Inc. (OTC.QB: BCLI), announced today that Brainstorm Cell Therapeutics Ltd. was awarded a $800, 000 non-dilutive grant from Israel’s Office of the Chief Scientist (OCS) for the year 2014. The grant is intended to support BrainStorm’s clinical and product development for its innovative stem cell therapy candidate NurOwn.
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing grants of a total of approximately $3 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.
“We are thankful to the OCS for its continued support. The non-dilutive capital funding from the OCS will help facilitate our clinical trials in Israel and the USA as well as our continued product development, ” said Mr. Chaim Lebovits, BrainStorm’s President and Principal Executive Officer.
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.