Published on February 18, 2010 at 1:01 AM
BrainStorm Cell Therapeutics Inc. (OTCBB:BCLI), a leading developer of adult stem cell technologies and therapeutics, is pleased to announce that it has entered into agreements with three investors with each investing $500,000 for a total of investment of $1.5 million into BrainStorm. The agreements require the Company to issue to each of the three investors two million shares of the Company’s stock based on the thirty day average share price as of February 11, 2010 of $0.25 per share and one million warrants with an exercise price of $0.50 per share for a total issuance of six million shares and three million warrants.
“These investments show continued support and belief in BrainStorm. The funds allow us to proceed with our ALS clinical trials that we hope to begin in the coming months.”
Along with these investors, ACCBT will invest its remaining commitment of approximately $500,000 in the Company. Together, these investments provide BrainStorm with the necessary funds to conduct its upcoming Phase I/II ALS clinical trials.
“We are extremely pleased that we were able to secure these investments,” stated Rami Efrati, CEO of BrainStorm. “These investments show continued support and belief in BrainStorm. The funds allow us to proceed with our ALS clinical trials that we hope to begin in the coming months.”
Source: BrainStorm Cell Therapeutics Inc