BrainStorm Cell Therapeutics (OTCBB: BCLI.OB), an emerging company in stem cell therapeutics for neurodegenerative diseases, today announced that it has completed a final closing of its seed private placement, under which it raised approximately $1.5 million.
The funding provided the requisite capital for BrainStorm to meet its fundraising obligations under the technology license agreement with technology incubator Ramot at Tel Aviv University.
Based on this license, the company is developing its proprietary NurOwn platform, as an autologous cell therapy for neurodegenerative diseases, such as Parkinson's Disease, Multiple Sclerosis and Alzheimer's Disease. The funding will also be used to cover costs of extending the company's management base, recruiting senior scientific personnel, and building laboratory facilities for its research and development activity.
"The seed funding mechanism lays the foundation for initiating and accomplishing our immediate goals," stated BrainStorm CEO Dr. Yaffa Beck. "We are now exploring longer-term financing mechanisms, so that we can spearhead preclinical research and development with a view towards clinical trial activities."
Published by Globes [online], Israel business news - www.globes.co.il - on Tuesday, March 01, 2005