"We are very pleased with the progress we are making with our ongoing Phase 3 trial in the U.S.," commented Chaim Lebovits, president and chief executive officer of BrainStorm. "we are also pleased with the regulatory progress via additional pathways that will allow access to NurOwn® for patients. In parallel we continue to heavily invest in HR and R&D so that we have the necessary expertise to develop NurOwn and advance our clinical pipeline."
First Quarter and Recent Corporate Highlights:
Financial Results for the First Quarter Ended March 31, 2017
Conference Call Today - Monday, May 14 th @ 8:30am Eastern Time
Members of BrainStorm's senior management team, including Chaim Lebovits, CEO, and Ralph Kern, M.D., MHSc, COO and CMO, and Eyal Rubin, CFO will host a conference call and live webcast for the investment community on Monday, May 14 th @ 8:30am Eastern Time. The details are as follows:
USA Toll Free: 800 239 9838 USA & International Investors: 323 794 2551Israel Investors: 1809 212 883 Conference ID: 6273879 Webcast: https://goo.gl/nNMzYw
Replay: Dial-In – available through May 28 :
Toll Free: 844-512-2921 International: 412-317-6671Conference ID: 6273879Webcast: https://goo.gl/nNMzYw
About BrainStorm Cell Therapeutics Inc.
| March 31, 2 0 1 8 U.S. $ in thousands | December 31, 2 0 1 7 U.S. $ in thousands | |
|---|---|---|
| ASSETS | Unaudited | Audited |
| Current Assets: | ||
| Cash and cash equivalents | $ 3,246 | $ 2,483 |
| Short-term deposit (Note 4) | 2,359 | 5,273 |
| Account receivable | 1,117 | 672 |
| Prepaid expenses and other current assets | 1,143 | 1,195 |
| Total current assets | 7,865 | 9,623 |
| Long-Term Assets: | ||
| Prepaid expenses and other long-term assets (Note 5) | 1,136 | 1,408 |
| Property and Equipment, Net | 412 | 392 |
| Total long-term assets | 1,548 | 1,800 |
| Total assets | $ 9,413 | $ 11,423 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $ 3,261 | $ 1,424 |
| Accrued expenses | 442 | 817 |
| Deferred grant income (Note 6) | 1,202 | 2,625 |
| Other accounts payable | 674 | 677 |
| Total current liabilities | 5,579 | 5,543 |
| Total liabilities | $ 5,579 | $ 5,543 |
| Stockholders' Equity: | ||
| Stock capital: (Note 7) | 11 | 11 |
| Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of March 31, 2018 and December 31, 2017; Issued and outstanding: 19,111,326 and 18,976,169 shares at March 31, 2018 and December 31, 2017, respectively. | ||
| Additional paid-in-capital | 86,196 | 85,944 |
| Accumulated deficit | (82,373) | (80,075) |
| Total stockholders' equity | 3,834 | 5,880 |
| Total liabilities and stockholders' equity | $ 9,413 | $ 11,423 |
| 2 0 1 8 U.S. $ in thousands | 2 0 1 8 U.S. $ in thousands | 2 0 1 7 U.S. $ in thousands | 2 0 1 7 U.S. $ in thousands | |
|---|---|---|---|---|
| Operating expenses: | Operating expenses: | |||
| Research and development, net | Research and development, net | $ 977 | $ 977 | $ 941 |
| General and administrative | General and administrative | 1,330 | 1,330 | 829 |
| Operating loss | Operating loss | (2,307) | (2,307) | (1,770) |
| Financial expenses (income), net | Financial expenses (income), net | (9) | (9) | 15 |
| Net loss | Net loss | $ (2,298) | $ (2,298) | $ (1,785) |
| Basic and diluted net loss per share from continuing operations | Basic and diluted net loss per share from continuing operations | $ (0.12) | $ (0.12) | $ (0.10) |
| Weighted average number of shares outstanding used in computing basic and diluted net loss per share | Weighted average number of shares outstanding used in computing basic and diluted net loss per share | 19,047,350 | 19,047,350 | 18,688,377 |
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
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
(Except share data)
March 31,
December 31,
2 0 1 8
2 0 1 7
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents
$ 3,246
$ 2,483
Short-term deposit (Note 4)
2,359
5,273
Account receivable
1,117
672
Prepaid expenses and other current assets
1,143
1,195
Total current assets
7,865
9,623
Long-Term Assets:
Prepaid expenses and other long-term assets (Note 5)
1,136
1,408
Property and Equipment, Net
412
392
Total long-term assets
1,548
1,800
Total assets
$ 9,413
$ 11,423
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$ 3,261
$ 1,424
Accrued expenses
442
817
Deferred grant income (Note 6)
1,202
2,625
Other accounts payable
674
677
Total current liabilities
5,579
5,543
Total liabilities
$ 5,579
$ 5,543
Stockholders' Equity:
Stock capital: (Note 7)
Common stock of $0.00005 par value - Authorized: 100,000,000 shares at each of March 31, 2018 and December 31, 2017; Issued and outstanding: 19,111,326 and 18,976,169 shares at March 31, 2018 and December 31, 2017, respectively.
Additional paid-in-capital
86,196
85,944
Accumulated deficit
(82,373)
(80,075)
Total stockholders' equity
3,834
5,880
Total liabilities and stockholders' equity
$ 9,413
$ 11,423
BRAINSTORM CELL THERAPEUTICS INC. AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED)
U.S. dollars in thousands
(Except share data)
Three months ended
March 31,
2 0 1 8
2 0 1 7
U.S. $ in thousands
Operating expenses:
Research and development, net
$ 977
$ 941
General and administrative
1,330
829
Operating loss
(2,307)
(1,770)
Financial expenses (income), net
(9)
Net loss
$ (2,298)
$ (1,785)
Basic and diluted net loss per share from continuing operations
$ (0.12)
$ (0.10)
Weighted average number of shares outstanding used in computing basic and diluted net loss per share
19,047,350
18,688,377
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)
March 31,
December 31,
2 0 1 8
2 0 1 7
U.S. $ in thousands
ASSETS
Unaudited
Audited
Current Assets:
Cash and cash equivalents