The Office of the Chief Scientist (OCS) in Israel has awarded $3m NIS grant to support BrainStorm Cell Therapeutics' research and development program for stem cell therapy candidate, NurOwn.
NurOwn is an autologous, adult stem cell therapy technology, based on a novel differentiation method, which reprograms bone marrow-derived mesenchymal stem cells into highly specialized, neuron-supporting cells for treating neurodegenerative diseases.
BrainStorm CEO Adrian Harel said, "The non-dilutive capital funding from the OCS will help facilitate continuation of our clinical trials in Israel, as well as our preparations for clinical trials in the USA."
The proceeds of the grant will be used by BrainStorm in the year 2013.
Derived from sales of the products funded with the grants, the company is required to pay royalties to the OCS, amounting to 3% – 3.5% of revenues, but only up to the amount equal to 100% of the grants received plus LIBOR interest.