Brainstorm Cell Therapeutics (NSDQ:BCLI) said today that it landed a $2.1 million grant from the Israel Innovation Authority. The funds are slated to support the development of Brainstorm’s NurOwn mesenchymal stem cell-based platform for the treatment of neurodegenerative diseases, including ALS.
This is the 10th year that Brainstorm has won grant support from the Israeli office – between 2007 and 2017, the IIA has given grants totalling nearly $7.5 million in support of NurOwn.
According to the deal, Brainstorm will be required to pay mid-single digit royalties to the IIA based on the products’ sales, up to a total of the cumulative amount of IIA grants that Brainstorm has received plus accumulated interest.
BrainStorm’s CEO Chaim Lebovits, commented, “The Israel Innovation Authority’s support of our NurOwn program provides further validation for the potential of this treatment to help patients suffering from amyotrophic lateral sclerosis,” CEO Chaim Lebovits said in prepared remarks. “The continued financial support for our research and development is an important contribution to our ability to execute on our strategic plans, as we commence a Phase III pivotal trial with NurOwn.”
In February, the company told Reuters that it is seeking early regulatory approval for NurOwn in Canada. Brainstorm inked an agreement with a Canadian non-profit organization, CCRM, that helps to support the development of regenerative medicine. The organization plans to help BrainStorm meet Canadian regulatory requirements for the early access pathway, which would speed up the treatment’s review process.
If NurOwn qualifies for the rapid review pathway, it could be authorized for distribution in Canada by the beginning of next year, BrainStorm told the news outlet.