"We are in the advanced stages of preparing for our pivotal Phase 3 trial to investigate NurOwn® in ALS," said Chaim Lebovits, President and Chief Executive Officer of BrainStorm. "We have agreements with Mass. General Hospital, California Pacific Medical Center and University of California-Irvine Medical Center to participate as centers in the trial, which will be funded in part by a non-dilutive grant of $16 million awarded by the California Institute for Regenerative Medicine (CIRM). Based on the body of preclinical and clinical data we have compiled on NurOwn, including data from our placebo-controlled Phase 2 trial which showed evidence of halting in disease progression, we believe that NurOwn has the potential to become a valuable treatment option for ALS patients."
Second Quarter and Recent Financial Highlights:
Financial Results for the Second Quarter Ended June 30, 2017
Financial Results for the Six Months Ended June 30, 2017
Conference Call on Wednesday, August 16 th
Members of BrainStorm's senior management team, including Chaim Lebovits, CEO, and Ralph Kern, M.D., MHSc, COO and CMO, will host a conference call and live webcast for the investment community on Wednesday, August 16, 2017 at 8:30am Eastern Time. The details are as follows:
Toll Free: 877-718-5095 Israel Investors: 1 80 924 6042 International: 913-312-0381 Conference ID: 1392963 Webcast: http://public.viavid.com/index.php?id=125868
Replays, available through August 30, 2017 Toll Free: 844-512-2921 International: 412-317-6671 Conference ID: 1392963
About BrainStorm Cell Therapeutics Inc.
| June 30, 2 0 1 7 U.S. $ in thousands | December 31, 2 0 1 6 U.S. $ in thousands | |
|---|---|---|
| ASSETS | Unaudited | Audited |
| Current Assets: | ||
| Cash and cash equivalents | $ 5,784 | $ 547 |
| Short-term deposit (Note 4) | 933 | 9,443 |
| Account receivable | 735 | 306 |
| Prepaid expenses and other current assets | 230 | 148 |
| Total current assets | 7,682 | 10,444 |
| Long-Term Assets: | ||
| Prepaid expenses and other long-term assets | 24 | 25 |
| Property and Equipment, Net | 295 | 297 |
| Total Long-Term Assets | 319 | 322 |
| Total assets | $ 8,001 | $ 10,766 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payables | $ 227 | $ 345 |
| Accrued expenses | 114 | 152 |
| Other accounts payable | 370 | 367 |
| Total current liabilities | 711 | 864 |
| Stockholders' Equity: | ||
| Stock capital: (Note 5) | 11 | 11 |
| Common stock of $0.00005 par value - Authorized: 100,000,000 shares at June 30, 2017 and December 31, 2016 respectively; Issued and outstanding: 18,747,327 and 18,687,987 shares at June 30, 2017 and December 31, 2016 respectively. | ||
| Additional paid-in-capital | 85,227 | 85,014 |
| Accumulated deficit | (77,948) | (75,123) |
| Total stockholders' equity | 7,290 | 9,902 |
| Total liabilities and stockholders' equity | $ 8,001 | $ 10,766 |
| Six months ended June 30, 2017 Unaudited | Three months ended June 30, 2016 Unaudited | June 30, 2 0 1 7 Unaudited | June 30, 2 0 1 6 Unaudited | June 30, Unaudited | |
|---|---|---|---|---|---|
| Operating expenses: | |||||
| Research and development, net | $ 1,376 | $ 1,376 | $ 1,137 | $ 435 | $ 151 |
| General and administrative | 1,469 | 1,469 | 1,658 | 640 | 832 |
| Operating loss | (2,845) | (2,845) | (2,795) | (1,075) | (983) |
| Financial income, net | (20) | (20) | (43) | (35) | (21) |
| Net loss | $ (2,825) | $ (2,825) | $ (2,752) | $ (1,040) | $ (962) |
| Basic and diluted net profit (loss) per share | $ (0.15) | $ (0.15) | $ (0.15) | $ (0.06) | $ (0.05) |
| Weighted average number of shares outstanding used in computing basic and diluted net loss per share | 18,713,575 | 18,713,575 | 18,653,922 | 18,738,496 | 18,654,040 |
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 approximately 75 patients with ALS in clinical trials conducted in the United States and Israel. In a randomized, double-blind, placebo-controlled clinical trial conducted in the U. S., a clinically meaningful benefit was demonstrated by higher response to NurOwn compared with placebo. 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. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
CONTACTS Media: Uri Yablonka Chief Business OfficerBrainStorm Cell Therapeutics Inc.Phone: 646-666-3188 uri@brainstorm-cell.com
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
(Except share data)
June 30,
December 31,
2 0 1 7
2 0 1 6
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents
$ 5,784
$ 547
Short-term deposit (Note 4)
933
9,443
Account receivable
735
306
Prepaid expenses and other current assets
230
148
Total current assets
7,682
10,444
Long-Term Assets:
Prepaid expenses and other long-term assets
Property and Equipment, Net
295
297
Total Long-Term Assets
319
322
Total assets
$ 8,001
$ 10,766
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payables
$ 227
$ 345
Accrued expenses
114
152
Other accounts payable
370
367
Total current liabilities
711
864
Stockholders' Equity:
Stock capital: (Note 5)
Common stock of $0.00005 par value - Authorized: 100,000,000 shares at June 30, 2017 and December 31, 2016 respectively; Issued and outstanding: 18,747,327 and 18,687,987 shares at June 30, 2017 and December 31, 2016 respectively.
Additional paid-in-capital
85,227
85,014
Accumulated deficit
(77,948)
(75,123)
Total stockholders' equity
7,290
9,902
Total liabilities and stockholders' equity
$ 8,001
$ 10,766
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
U.S. dollars in thousands
(Except share data)
Six months ended
Three months ended
June 30,
June 30,
2 0 1 7
2 0 1 6
Unaudited
Unaudited
Operating expenses:
Research and development, net
$ 1,376
$ 1,137
$ 435
$ 151
General and administrative
1,469
1,658
640
832
Operating loss
(2,845)
(2,795)
(1,075)
(983)
Financial income, net
(20)
(43)
(35)
(21)
Net loss
$ (2,825)
$ (2,752)
$ (1,040)
$ (962)
Basic and diluted net profit (loss) per share
$ (0.15)
$ (0.15)
$ (0.06)
$ (0.05)
Weighted average number of shares outstanding used in computing basic and diluted net loss per share
18,713,575
18,653,922
18,738,496
18,654,040
Contacts
Media:
Uri Yablonka
Chief Business Officer
BrainStorm Cell Therapeutics Inc.
Phone: 646-666-3188
uri@brainstorm-cell.com
Investors:
Michael Rice
LifeSci Advisors, LLC
Phone: 646-597-6979
mrice@lifesciadvisors.com
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
(Except share data)
June 30,
December 31,
2 0 1 7
2 0 1 6
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents