Brainstorm Cell Therapeutics Inc (NASDAQ: BCLI) jumped on Friday markets, after the company disclosed that it has been awarded a $16 million non-dilutive grant from CIRM in support of ALS trial.
This grant signifies an endorsement from CIRM of the company’s approach to treat ALS using adult stem cells. The phase 3 clinical trial investigating NurOwn in ALS is expected to enroll approximately 200 patients and will be measured by the ALSFR-S score responder analysis.
“This substantial award provides further support for our technology and clinical program, and recognizes the importance of developing effective treatments for patients afflicted with ALS,” Brainstorm president and CEO Chaim Lebovits stated in the news release.
Brainstorm Cell Therapeutics – based in Hackensack, New Jersey, is 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.
As the closing bell approached to the day and the week, BLCI stock flourished, gaining 39 cents, or 8.6%, to $4.92, in a 52-week trading range of $2.06 to $5.10
