Date: 2013-06-04
Type of information: Grant
Company: BrainStorm Cell Therapeutics (USA - Israel)
Investors: Office of the Chief Scientist (OCS -Israel)
Amount: 1.2 Million NIS (€ 0.25 million)
Funding type: grant
Planned used: The yearly grant for 2013, in the amount of $729,000 (~2.7M NIS), was awarded to BrainStorm’s Research and Development program towards the development of its leading and innovative NurOwn™ therapy for ALS using autologous adult stem cells.
Others: * On June 4, 2013, BrainStorm Cell Therapeutics, a developer of adult stem cell technologies for neurodegenerative diseases, has announced that the Company has received the third installment of the 2013 grant from Israel’s Office of the Chief Scientist (OCS) in the amount of approximately $335,000 (~1.2M NIS).
The OCS has supported BrainStorm Cell Therapeutics Ltd. since 2007, providing a total of $2.67 million in grants, including this one. Under the terms of the grant, the Company is required to pay royalties to the OCS, amounting to 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 funds received.BrainStorm Cell Therapeutics is 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.
Therapeutic area: Neurodegenerative diseases
