BrainStorm Cell Therapeutics Inc. Reports Second Quarter 2015 Financial Results And Provides Corporate Update

HACKENSACK, N.J. and PETACH TIKVAH, Israel, Aug. 13, 2015 /PRNewswire/ -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, today announced financial results and provided a business update for the second quarter ended June 30, 2015.

“We continue to advance BrainStorm’s lead program, NurOwn®, for the treatment of amyotrophic lateral sclerosis,” stated Dr. Tony Fiorino, BrainStorm’s CEO. “We announced earlier this week the completion of patient enrollment in our randomized, double-blind, placebo-controlled U.S. phase 2 trial. We are also completing preparations for our first multi-dose clinical trial, for which we will be producing three NurOwn® doses from a single bone marrow aspiration. We also continue to explore the development of NurOwn® in other clinical and preclinical areas.”

“Furthermore,” continued Dr. Fiorino, “our strong cash position of approximately $20 million provides more than adequate resources to complete the U.S. phase 2 clinical trial in 2016, to run our planned multi-dose study, and to pursue these additional research and development activities, as well as several important manufacturing initiatives.”

Second Quarter 2015 and Recent Highlights

• Completed of enrollment in our randomized, double-blind, placebo controlled, multicenter Phase 2 US trial of NurOwn® in amyotrophic lateral sclerosis (ALS).
• Presented phase 2a results and new analyses of pooled NurOwn® phase 1/2 and phase 2a clinical data at the American Academy of Neurology and International Society for Cellular Therapy annual meetings.
• Validated manufacturing improvements including cryopreservation, extended stability and a shortened production time.
• Appointed Yoram Bibring, who brings more than 25 years of financial leadership in the healthcare and technology industries, as Chief Financial Officer.
• BrainStorm shares added to the Russell Microcap® Index.

Financial Results for the Second Quarter Ended June 30, 2015

• Research and development expenses for the three months ended June 30, 2015 were $1,375,000, compared to $1,245,000 in the first quarter of 2015 and $877,000 in the second quarter of 2014.
• General and administrative expenses for the three months ended June 30, 2015 were approximately $988,000, compared to $960,000 in the first quarter of 2015 and $417,000 in the second quarter of 2014.
• Loss from operations the three months ended on June 30, 2015 was ($2,363,000) compared to ($2,205,000), in the first quarter of 2015 and ($1,294,000) in the second quarter of 2014.
• Loss from operations for the three months ended on June 30, 2015 reflected stock based compensation expenses of $321,000 compared to $347,000 in the first quarter of 2015 and $176,000 in the second quarter of 2014.
• Net loss for the three months ended on June 30, 2015 was ($2,265,000), or ($0.12) per share, compared to a net loss of ($2,236,000), or ($0.12) per share in the first quarter of 2015 and ($1,984,000), or ($0.16) per share in the second quarter of 2014.
• The Company had cash, cash equivalents, and short-term deposits of approximately $19.7 million, compared to $8.5 million at December 31, 2014.

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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. NurOwn® has been administered to over 50 patients with ALS in clinical trials conducted in Israel and the United States, and is currently being studied in a randomized, double-blind, placebo-controlled clinical trial in the United States. 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.

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