Stem Cell News Blog

The move brings Brainstorm a step closer to a clinical trial for its ALS product.

Despite falling 30% on Thursday and Friday, Brainstorm Cell Therapeutics Ltd. (Bulletin Board:BCLI.OB), a developer of adult stem cell technologies and therapeutics for neurodegenerative diseases, still saw its share rise 60% over last week after reporting a production deal. The share closed at $0.24 on Friday, giving a market cap of $14.35 million.

Brainstorm said that it had agreed to start production with Protein Production Services Ltd. (PPS), a manufacturing contractor. The clinical-grade product will be used in a pre-clinical safety trial for the company’s innovative therapy for ALS (Amyotrophic Lateral Sclerosis, also known as Lou Gehrig’s disease).

With locations in Petah Tikva and New York, Brainstorm’s patent pending technology is based on discoveries made by the scientific team led by Prof. Eldad Melamed, former Head of Neurology at Rabin Medical Center, and cell biologist Dr. Daniel Offen, Head of the Neuroscience Laboratory at the Felsenstein Medical Research Center of Tel Aviv University.

Brainstorm’s share has risen nearly 250% since August 24 when it reported that it had secured funding to reach clinical trials for the company’s ALS therapy product. This funding comprised a NIS 1.7 million grant from the Chief Scientist and $1 million from previous investors. The phase I clinical trial is scheduled to take place in 2010.
Brainstorm CEO Rami Efrati said, “We are very excited that we are moving into this phase of product development with a highly-experienced contractor that will enable us to move rapidly ahead with the final stages of our ALS pre-clinical program.”