"We have had a very active third quarter culminating in the initiation of our Phase 3 trial investigating NurOwn® in amyotrophic lateral sclerosis(ALS), as announced yesterday. The first patients have enrolled into the trial, and we look forward to data in 2019," said Chaim Lebovits, president and chief executive officer of BrainStorm. "ALS is a devastating disease with very few treatment options for patients. In our placebo-controlled phase 2 trial NurOwn demonstrated significant clinical benefit for ALS patients. We look forward to providing updates as the Phase 3 trial progresses."
Third Quarter Highlights:
Financial Results for the Third Quarter Ended September 30, 2017
Financial Results for the Nine Months Ended September 30, 2017
Conference Call on Tuesday, October 17, 2017 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 Tuesday, October 17, 2017 at 8:30am Eastern Time. The details are as follows:
Toll Free:
888-395-3237
Israel Investors:
1 80 924 5905
International:
719-325-2349
Conference ID:
4131959
Webcast:
http://public.viavid.com/index.php?id=126580
Replays, available through October 31, 2017
Toll Free:
844-512-2921
International:
412-317-6671
Conference ID:
4131959
About BrainStorm Cell Therapeutics Inc. 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
| Toll Free: | 888-395-3237 |
| Israel Investors: | 1 80 924 5905 |
| International: | 719-325-2349 |
| Conference ID: | 4131959 |
| Webcast: | http://public.viavid.com/index.php?id=126580 |
| September 30, 2017 U.S. $ in thousands | December 31, 2016 U.S. $ in thousands | |
|---|---|---|
| ASSETS | Unaudited | Audited |
| Current Assets: | ||
| Cash and cash equivalents | $ 2,464 | $ 547 |
| Short-term deposit (Note 4) | 8,083 | 9,443 |
| Account receivable | 318 | 306 |
| Prepaid expenses and other current assets | 86 | 148 |
| Total current assets | 10,951 | 10,444 |
| Long-Term Assets: | ||
| Prepaid expenses and other long-term assets | 26 | 25 |
| Property and Equipment, Net | 358 | 297 |
| Total Long-Term Assets | 384 | 322 |
| Total assets | $ 11,335 | $ 10,766 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payables | $ 275 | $ 345 |
| Accrued expenses | 204 | 152 |
| Deferred grant income (Note 5) | 5,250 | - |
| Other accounts payable | 411 | 367 |
| Total current liabilities | 6,140 | 864 |
| Stockholders' Equity: | ||
| Stock capital: (Note 6) | 11 | 11 |
| Common stock of $0.00005 par value - Authorized: 100,000,000 shares at September 30, 2017 and December 31, 2016 respectively; Issued and outstanding: 18,842,726 and 18,687,987 shares at September 30, 2017 and December 31, 2016 respectively. | ||
| Additional paid-in-capital | 85,535 | 85,014 |
| Accumulated deficit | (80,351) | (75,123) |
| Total stockholders' equity | 5,195 | 9,902 |
| Total liabilities and stockholders' equity | $ 11,335 | $ 10,766 |
| Nine months ended September 30, 2017 Unaudited | Three months ended September 30, 2016 Unaudited | September 30, 2017 Unaudited | September 30, 2016 Unaudited | September 30, Unaudited | |
|---|---|---|---|---|---|
| Operating expenses: | |||||
| Research and development, net | $ 2,544 | $ 2,544 | $ 1,927 | $ 1,168 | $ 790 |
| General and administrative | 2,693 | 2,693 | 2,506 | 1,224 | 848 |
| Operating loss | (5,237) | (5,237) | (4,433) | (2,392) | (1,638) |
| Financial expense (income), net | (9) | (9) | (75) | 11 | (32) |
| Net loss | $ (5,228) | $ (5,228) | $ (4,358) | $ (2,403) | $ (1,606) |
| Basic and diluted net profit (loss) per share | $ (0.28) | $ (0.28) | $ (0.23) | $ (0.13) | $ (0.09) |
| Weighted average number of shares outstanding used in computing basic and diluted net loss per share | 18,737,307 | 18,737,307 | 18,654,826 | 18,783,997 | 18,656,615 |
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS U.S. dollars in thousands (Except share data)
September 30,
December 31,
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents
$ 2,464
$ 547
Short-term deposit (Note 4)
8,083
9,443
Account receivable
318
306
Prepaid expenses and other current assets
148
Total current assets
10,951
10,444
Long-Term Assets:
Prepaid expenses and other long-term assets
Property and Equipment, Net
358
297
Total Long-Term Assets
384
322
Total assets
$ 11,335
$ 10,766
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payables
$ 275
$ 345
Accrued expenses
204
152
Deferred grant income (Note 5)
5,250
Other accounts payable
411
367
Total current liabilities
6,140
864
Stockholders' Equity:
Stock capital: (Note 6)
Common stock of $0.00005 par value - Authorized: 100,000,000 shares at September 30, 2017 and December 31, 2016 respectively; Issued and outstanding: 18,842,726 and 18,687,987 shares at September 30, 2017 and December 31, 2016 respectively.
Additional paid-in-capital
85,535
85,014
Accumulated deficit
(80,351)
(75,123)
Total stockholders' equity
5,195
9,902
Total liabilities and stockholders' equity
$ 11,335
$ 10,766
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) U.S. dollars in thousands (Except share data)
Nine months ended
Three months ended
September 30,
September 30,
Unaudited
Unaudited
Operating expenses:
Research and development, net
$ 2,544
$ 1,927
$ 1,168
$ 790
General and administrative
2,693
2,506
1,224
848
Operating loss
(5,237)
(4,433)
(2,392)
(1,638)
Financial expense (income), net
(9)
(75)
(32)
Net loss
$ (5,228)
$ (4,358)
$ (2,403)
$ (1,606)
Basic and diluted net profit (loss) per share
$ (0.28)
$ (0.23)
$ (0.13)
$ (0.09)
Weighted average number of shares outstanding used in computing basic and diluted net loss per share
18,737,307
18,654,826
18,783,997
18,656,615
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)
September 30,
December 31,
2017
2016
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents