BrainStorm Shareholders Extend Lock-Up Agreement
Last Update: 10:00 AM ET Mar 29, 2006
NEW YORK & TEL AVIV, Israel, Mar 29, 2006 (BUSINESS WIRE) -- BrainStorm Cell Therapeutics (BCLI : brainstrom cell therapeutics com ) , the developer of NurOwn(TM) bone marrow derived stem cell therapeutic products for the treatment of neurodegenerative diseases, announced today that the company has received signed agreements from certain of the company's shareholders, representing 7,810,000 shares of the company's issued and outstanding shares, to extend a lock-up agreement with respect to their shares, until Dec. 31, 2006.
The shares were previously subject to a lock-up agreement restricting 85 percent of the shares from sale or other transfer until July 8, 2006. According to the new agreement, 85 percent of the shares will be restricted from sale or other transfer until December 31, 2006 with the remainder free of the new restrictions.
"We are pleased with these agreements which reflect our shareholders' long-term perspective and confidence in the company," said Yoram Drucker, Chief Operations Officer and Principal Executive of BrainStorm.
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is an emerging company developing neural-like stem cell therapeutic products, NurOwn(TM), based on autologous bone marrow derived stromal cells, for treatment of neurodegenerative diseases. NurOwn(TM) patent pending technology is based on discoveries made by the team of prominent neurologist, Prof. Eldad Melamed, Head of Neurology at Rabin Medical Center, and expert cell biologist Dr. Daniel Offen, at the Felsenstein Medical Research Center of Tel-Aviv University, enabling the differentiation of bone marrow derived stem cells into functional neurons and astrocytes, as demonstrated in animal models. 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. The company's initial focus is on developing treatments for Parkinson's Disease.
About Stem Cell Therapy
Stem cells are non-specialized cells with a remarkable potential for both self-renewal and differentiation into cell types with a specialized function, such as muscle, blood or brain cells. Stem cells may be sourced from fetal or embryonic tissue or from adult tissue reservoirs such as bone marrow. Use of embryonic stem cells, has become the center of significant ethical and moral debate. In contrast, use of adult stem cells does not face the same moral or legal controversy. Stem cell therapy aims to "cure" disease by replacing the 'diseased' cells with 'healthy' cells derived from stem cells. This approach has the potential to revolutionize medicine and, if successful, the implied commercial opportunities are great. Currently, both embryonic stem cells (ESC) and adult stem cells (ASC) are being explored as the potential basis for multiple cell therapy products.
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