BrainStorm Cell gets further financing
Israel's BrainStorm Cell Therapeutics, a developer of adult stem cell technologies and therapeutics, says that it has completed a third equity financing with ACCBT Corp, a company under the control of BrainStorm's president, Chaim Lebovits. To date, ACCBT has provided financing of $2.75 million to the firm. According to the investment agreement between the two, ACCBT is expected to finance up to an additional $2.25 million through the end of 2008.
The proceeds will allow the company to conduct safety studies in amyotrophic lateral sclerosis, execute 2008 preclinical work for Parkinson's disease and fund the scientific collaboration with Rutgers University, targeting new treatment for spinal cord injury.
In addition,BrainStorm has received the final installment of a grant from the Israeli Chief Scientist Office, part of the $340,000 awarded to the company in 2007 for R&D, chief executive Rami Efrati noted. BrainStorm has submitted a new application for an R&D grant for 2008.
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