BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a developer of adult stem cell therapeutics for neurodegenerative diseases, has taken a bold step forward in its quest to provide innovative treatments for patients.
The Company recently entered into a securities purchase agreement with a single institutional investor, in which it has agreed to issue 4,054,055 shares of its common stock, together with warrants to purchase up to an aggregate of 4,054,055 additional shares of common stock.
These securities are being offered at an exciting rate of $1.85 per share, with the warrants being immediately exercisable at an exercise price of $2.00 per share and expiring five years from the date of issue. This offering signals a major step forward for the Company and its mission.
We are thrilled to announce that our offering is set to close on or around July 19th, 2023, provided all customary closing conditions are met. This is a truly exciting prospect that is sure to bring about positive change!
Maxim Group LLC has been appointed as the exclusive underwriter for this offering, setting themselves firmly at the helm of this pioneering endeavour.
The Company is expecting to raise approximately $7.5 million in gross proceeds from its offering, before deducting the placement agent’s fees and other offering expenses. With this funding, the Company is poised for growth and continuing success.
The Company is offering securities through a “shelf” registration statement on Form S-3 (File No. 333-258640) that has been filed with and approved by the SEC. This offering is only available through a prospectus, including a prospectus supplement, which are a part of the effective registration statement. Investors can access the final prospectus supplement and accompanying prospectus related to the registered direct offering which has been filed with the SEC.
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is a global leader in the development of groundbreaking autologous adult stem cell therapies for highly debilitating neurodegenerative diseases. Their unique technology, the NurOwn®, is used to produce dynamic autologous MSC-NTF cells that have been granted Orphan Drug designations from the FDA and EMA for the treatment of ALS.
BrainStorm has completed a Phase 3 pivotal trial in ALS using their groundbreaking technology, with the support of CIRM CLIN2-0989. In addition, the Company has just finished a Phase 2 of the experiment in progressive MS, which was funded by a grant from the National MS Society (NMSS).