NEW YORK, NY and PETACH TIKVAH, ISRAEL--(Marketwired - March 24, 2014) - BrainStorm Cell Therapeutics (OTCQB: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, today announced that the U.S. Patent and Trademark Office has granted the company a key patent for its autologous stem cell technology. The patent (No. 8,663,987) covers BrainStorm's proprietary stem cells induced to secrete elevated levels of neurotrophic factors for the treatment of neurodegenerative diseases.
The neurotrophic factors secreted by the company's patented cells include Glial Cell-Derived Neurotrophic Factor (GDNF) and Brain-Derived Neurotrophic Factor (BDNF), known to support the neural cell network by protection of existing motor neurons, promotion of motor neuron growth, and re-establishment of nerve-muscle interaction. The level of secretion of these factors is several-fold higher in BrainStorm's patented cells than in non-induced mesenchymal stem cells.
Pending approval from the FDA, the company is currently preparing for its upcoming multi-center Phase II trial in the U.S. with its proprietary NurOwn™ stem cell therapy, which was developed with these cells.
"The recent bill introduced to the US Senate to support regenerative medicine research is yet another indication of the increasing recognition that stem cells hold the promise for curing life-threatening and debilitating conditions like ALS," commented Mr. Chaim Lebovits, BrainStorm's President and Principal Executive Officer.
"We are very encouraged by the bill's proposal to appoint a council that would develop and maintain a national strategy for the promotion of regenerative medicine research and development, including identifying priorities and sources of funding, as well recommending policies to overcome barriers in research and product development."
BrainStorm is the exclusive worldwide licensee of this technology from Ramot, the technology transfer company of Tel Aviv University, where it was developed by Professors Daniel Offen and Eldad Melamed, in conjunction with BrainStorm's scientists.
About BrainStorm Cell Therapeutics, Inc.
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 company's website at www.brainstorm-cell.com.
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. Terms and phrases such as "may", "should", "would", "could", "will", "expect", "likely", "believe", "plan", "estimate", "predict", "potential", and similar terms and phrases are intended to identify these forward-looking statements. The potential risks and uncertainties include, without limitation, 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. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.