NEW YORK and TEL AVIV, Israel, Jan. 26, 2006 (PRIMEZONE) -- BrainStorm Cell Therapeutics (OTCBB:BCLI), the developer of NurOwn(tm) bone marrow derived stem cell therapeutic products for the treatment of neurodegenerative diseases, announced today that a patent application has been filed with the U.S. Patent and Trademark Office for a new procedure to derive oligodendrocyte-like cells. The invention involves inducing oligodendrocyte-like cells using the company's proprietary bone marrow derived human mesenchymal stem cell technology.
The patent application was filed by the technology transfer company of Tel Aviv University, Ramot, on the basis of research funded by Brainstorm. Worldwide rights to the development and commercialization of the new technology are exclusively licensed to BrainStorm.
"Developing the capability to derive oligodendrocyte-like cells is a major step forward because of the important role that oligodendrocyte cells are believed to have in restoring cell function in patients suffering from Multiple Sclerosis and other demyelinating diseases," said Yoram Drucker, Principal Executive Officer of BrainStorm.
"Now that we have demonstrated that mesenchymal stem cells can be induced to differentiate in vitro to oligodendrocyte lineage and form functional cells, our next goal will be to test the oligodendrocyte-like cells in animal models of Multiple Sclerosis," said Dr. Daniel Offen, BrainStorm's Chief Scientist.
Brainstorm's success in deriving olgodendrocyte-like cells follows several other major technological achievements made by the company during the past year using the company's proprietary bone marrow derived stem cell technology.
In other studies, Brainstorm successfully used bone marrow stem cells to produce dopaminergic-like cells shown to be capable of dopamine secretion and to benefit animal models of Parkinson's disease.
Brainstorm also used its bone marrow stem cell technology to produce astrocyte-like cells with the capacity of producing glial derived neurotrophic factor (GDNF), the most potent neurotrophic factor known for dopaminergic neurons. Transplanted dopamine- and GDNF producing-cells, acting on their own or in combination, hold great promise for replacement and preservation of neurons in Parkinson's and other neurodegenerative diseases.
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.
About Multiple Sclerosis
Multiple Sclerosis (MS) is a chronic disabling autoimmune neurological disorder targeting the white and gray matter of the central nervous system. The autoimmune attack includes auto-reactive lymphocytes and local inflammatory response that causes demyelination and oligodendrocyte death followed by accumulating axonal damage and axonal loss. In the Western World, the number of prevalent cases of MS totals about 700,000. At present, there is no cure for MS. Available treatments comprise disease-modifying immunosuppressants that have a market of $2.1 billion. The development of a restorative cell therapy would dramatically change the market dynamics.
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. The potential risks and uncertainties include, among others, risks associated with BrainStorm Cell Therapeutics Inc.'s limited operating history, history of losses and expectation to incur losses for the foreseeable future; limited cash resources and its need to raise additional capital to execute on its business plan and continue operations; transition issues related to the departure of its CEO; dependence on its license to Ramot's technology and ability to meet its funding and payment obligations included in such license agreement; ability, together with its licensor, to adequately protect the NurOwn(tm) technology; dependence on key executives and on its scientific consultants; ability to identify, negotiate and successfully implement strategic partnering relationships; ability to complete clinical trials successfully and to obtain required regulatory approvals; competition with companies, some of which have greater resources and experience in developing and obtaining regulatory approval for treatments in BrainStorm Cell Therapeutics Inc.'s market; the limited public trading market for BrainStorm Cell Therapeutics Inc.'s stock which may never develop into an active market; and other factors detailed in BrainStorm Cell Therapeutics Inc.'s annual report on Form 10-KSB, quarterly reports on Form 10-QSB, current reports on Form 8-K and other filings with the Securities and Exchange Commission available at http://www.sec.gov/ or by request to the Company. The Company does not undertake any obligation to update forward-looking statements made by us.