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BrainStorm Secures Funding to Conduct Clinical Trials
Date : 02/17/2010 @ 11:58AM
Source : Business Wire
Stock : BrainStorm Cell Therapeutics Inc. (BCLI)
Quote : 0.36 0.01 (2.86%) @ 8:05AM


BrainStorm Secures Funding to Conduct Clinical Trials
BrainStorm Cell Therapeutics Inc. (OTCBB:BCLI), a leading developer of adult stem cell technologies and therapeutics, is pleased to announce that it has entered into agreements with three investors with each investing $500,000 for a total of investment of $1.5 million into BrainStorm. The agreements require the Company to issue to each of the three investors two million shares of the Company’s stock based on the thirty day average share price as of February 11, 2010 of $0.25 per share and one million warrants with an exercise price of $0.50 per share for a total issuance of six million shares and three million warrants.

Along with these investors, ACCBT will invest its remaining commitment of approximately $500,000 in the Company. Together, these investments provide BrainStorm with the necessary funds to conduct its upcoming Phase I/II ALS clinical trials.

“We are extremely pleased that we were able to secure these investments,” stated Rami Efrati, CEO of BrainStorm. “These investments show continued support and belief in BrainStorm. The funds allow us to proceed with our ALS clinical trials that we hope to begin in the coming months.” Neither the shares of common stock offered and sold in the private placement nor the shares of common stock underlying the warrants were registered under the Securities Act of 1933, and, therefore, such shares may not be offered or sold in the United States absent registration or an applicable exemption from registration. BrainStorm offered and sold the shares of common stock and warrants in reliance on the statutory exemption from registration in Section 4(2) of the Securities Act or 1933 and/or Regulation D and/or Regulation S promulgated thereunder. This press release is not an offer to sell or a solicitation of an offer to buy any securities of BrainStorm, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.

About BrainStorm Cell Therapeutics, Inc. BrainStorm Cell Therapeutics Inc. is an emerging company developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment of neurodegenerative diseases. The patent pending technology is based on discoveries made by the scientific team led by Professor Eldad Melamed, former Head of Neurology at Rabin Medical Center, and cell biologist Prof. Daniel Offen, Head of the Neuroscience Laboratory at the Felsenstein Medical Research Center of Tel-Aviv University. The technology allows for the differentiation of bone marrow-derived stem cells into functional neurons and astrocytes, as demonstrated in animal models. The Company holds rights to develop and commercialize the technology through an exclusive, worldwide licensing agreement with Ramot at Tel Aviv University Ltd., the technology transfer company of Tel-Aviv University. The Company's current focus is on ALS, although its technology has promise for treating several other diseases including MS, Huntington's disease and stroke.

Safe Harbor Statement Statements in this announcement other than historical data and information constitute "forward-looking statements" and involve risks and uncertainties that could cause BrainStorm Cell Therapeutics Inc.'s actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include risks associated with BrainStorm's limited operating history, history of losses; minimal working capital, dependence on its license to Ramot's technology; ability to adequately protect the technology; dependence on key executives and on its scientific consultants; ability to obtain required regulatory approvals; and other factors detailed in BrainStorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. The Company does not undertake any obligation to update forward-looking statements made by us.