Brainstorm Cell Therapeutics (BCLI) Tops Q1 EPS by 1c
Brainstorm Cell Therapeutics (NASDAQ: BCLI) reported Q1 EPS of ($0.12), $0.01 better than the analyst estimate of ($0.13).
ony Fiorino, MD, PhD, Chief Executive Officer of BrainStorm, stated, "During the first quarter, we made good progress in our amyotrophic lateral sclerosis clinical development program for NurOwn®. We started the quarter by reporting positive top line results from our Israeli phase 2a trial, and presented the study at the American Academy of Neurology meeting in April. Our randomized, double-blind, placebo-controlled phase 2 trial in the U.S. continues to enroll according to plan after a positive Data and Safety Monitoring Board review in February. We have also had some important manufacturing developments in 2015. We are completing the validation of our cryopreservation process, which will allow us to produce multiple doses of NurOwn® from a single bone marrow aspiration, and we have demonstrated that NurOwn® cells are stable for 72 hours after manufacture, which should enable, for future studies, transportation of NurOwn® across substantial distances."
"With regard to our finances, we netted approximately $15 million in warrant exercises during the first quarter," continued Dr. Fiorino. We believe these funds, in addition to the $1.1 million grant from Israel's Office of the Chief Scientist, provide more than sufficient resources to complete our U.S. phase 2 clinical trial in 2016, to run our planned multi-dose study, and to pursue additional research and development initiatives including new clinical, preclinical and manufacturing projects."
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