Sources inform "Globes" that Indian tycoon Sastry Karra is in advanced negotiations to invest several million dollars in Brainstorm Cell Therapeutics Ltd. (Bulletin Board:BCLI.OB). Karra is the chief executive and major shareholder in Hardy Oil and Gas plc (LSE: HDY.L).

Brainstorm is in the relatively early stages of developing a treatment for neurodegenerative diseases based on stem cells. Both Brainstorm and Hardy Oil and Gas declined to comment on the report.

The company has raised $8.3 million to date and is owned by ACC Biotech, which is controlled by Israeli-American businessman Chaim Lebovits.

The company plans beginning clinical trials later this year of a stem cell product for neurodegenerative diseases developed by Prof. Eldad Melamed and Prof. Daniel Ofen of Tel Aviv University.

Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2010

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