BrainStorm Cell Therapeutics (OTC: BCLI), a developer of adult stem cell technologies and therapeutics, announced today that it has signed a $250,000 common stock purchase agreement with a single accredited investor. As I write, shares of Brainstorm are up 8 percent at $0.27 per share on volume of just over 50,000 shares. The company has a market cap of $24 million and a 52-week range between $0.16 and $0.47 per share.Under the terms of the agreement, BrainStorm will sell 833,333 common shares at $0.30 per share (representing a 20% premium to the prior day’s closing price of BrainStorm’s common stock) for gross proceeds of $250,000 together with a 12-month warrant to purchase up to 641,026 shares of BrainStorm’s common stock at $0.39 per share (representing a 56% premium to the prior day’s closing price of BrainStorm’s common stock).
“2011 is off to an exciting start for BrainStorm and its shareholders,” said Chaim Lebovits, President of BrainStorm. “With the proceeds from this financing, recent funding from Israel’s Office of the Chief Scientist, and new additions to our management team and Board of Directors, we are well-positioned to enter clinical trials with our autologous NurOwn™ stem cell therapy, which could represent a new treatment paradigm for patients with amyotrophic lateral sclerosis (ALS) and other neurological disorders. We look forward to building on our recent achievements and expect 2011 to be a transformational year for BrainStorm.”
BrainStorm is an emerging company developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment of neurodegenerative diseases. The Company holds rights to develop and commercialize the technology through an exclusive, worldwide licensing agreement with Ramot at Tel Aviv University Ltd., the technology transfer company of Tel-Aviv University.
For more information, visit the company’s website at www.brainstorm-cell.com.
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