BrainStorm Cell Therapeutics Inc. (OTC.QB: BCLI), a leading developer of adult stem cell technologies for neurodegenerative diseases, announced today that it has signed a $250,000 Common Stock purchase agreement with an individual private investor.
Under the terms of the agreement, BrainStorm will sell 833,334 common shares at $0.30 per share (representing a 25% premium to the prior dayâ€™s closing price of BrainStormâ€™s shares of Common Stock) for gross proceeds of $250,000 together with a 32-month warrant to purchase up to 833,334 shares of BrainStormâ€™s common stock at $0.50 per share (representing a 108% premium to the prior dayâ€™s closing price of BrainStormâ€™s Common Stock).
â€ś2013 is off to an exciting start for BrainStorm and its shareholders,â€ť said Chaim Lebovits, President of BrainStorm. â€śWe are progressing quickly with our newly launched Phase IIa dose-escalating trial in Jerusalem, and are hopeful about obtaining FDA approval to begin another trial in the USA this year. We look forward to building on our recent achievements and expect 2013 to be a transformational year for BrainStorm.â€ť
The securities sold in the private placement have not been registered under the Securities Act of 1933 and may not be resold absent registration under or exemption from such Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. This press release is being issued pursuant to and in accordance with Rule 135c under the Securities Act of 1933.
About BrainStorm Cell Therapeutics, Inc.
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. For more information, visit the companyâ€™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 â€śmayâ€ť, â€śshouldâ€ť, â€śwouldâ€ť, â€ścouldâ€ť, â€świllâ€ť, â€śexpectâ€ť, â€ślikelyâ€ť, â€śbelieveâ€ť, â€śplanâ€ť, â€śestimateâ€ť, â€śpredictâ€ť, â€śpotentialâ€ť,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 BrainStormâ€™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 managementâ€™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.Business Wire
Last updated on: 11/02/2013