BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading
developer of cell technologies for neurodegenerative diseases,
today announced the appointment of Jacob Frenkel, Ph.D., as
Chairman of the Board of Directors. Prof. Frenkel, a world-renowned
economist and former Governor of the Bank of Israel, will join the
Company at its most significant turning point as it completes its
phase 3 ALS clinical trial and submits clinical trial data for
regulatory review and publication later this year. Prof. Frenkel
will support the Company’s global business development and
partnership expansion. Dr. Irit Arbel, one of BrainStorm’s
co-founders, will serve as Vice Chair of the Board. Additionally,
Sankesh Abbhi, a successful healthcare entrepreneur, executive and
investor, also joins the Board. Mr. Abbhi will replace Mr.
Chen Schor on the Board.
“Prof. Frenkel is joining our Board as Chairman
at a crucial time where his leadership will add tremendous value,”
stated Chaim Lebovits, President and CEO of BrainStorm. “Prof.
Frenkel served on BrainStorm’s advisory board about a decade ago.
Since that time, BrainStorm has demonstrated its ability to develop
and deliver innovative stem cell treatments through the highly
challenging path from the pre-clinical laboratory to phase 3
trials. Mr. Abbhi feels passionately about improving the lives of
patients and families affected by neurodegenerative disease. His
previously announced strategic financial support combined with his
leadership as Director will help BrainStorm pursuing its mission to
bring life-changing treatments to those impacted by ALS and
MS. We are grateful to Dr. Arbel who will continue to serve
as Vice Chair of the Board. We also thank Mr. Chen Schor for his
decade long service and significant contribution to
BrainStorm.”
Prof. Frenkel said, “I am honored to join
BrainStorm as Chairman of the Board of Directors. The Company has
advanced the investigational therapy NurOwn® into a fully enrolled
phase 3 clinical trial for ALS — a critical juncture in its
history.” He added, “Chaim Lebovits has built an impressive team
and has led the Company with great commitment and inspiration. I
look forward to joining by leading the Board and supporting
BrainStorm’s global expansion and partnership strategy.”
Jacob Frenkel, Ph.D., currently serves as
Chairman of the Board of Trustees of the Group of Thirty (G-30), a
private, nonprofit, consultative group on international economic
and monetary affairs. During 2001-11 he served as Chairman and
chief executive officer of the G-30. Previously, Prof. Frenkel
served as Chairman of JPMorgan Chase International (2009-2020),
from 2009 to 2020, as Vice Chairman of American International
Group, Inc. (AIG) (2004-9), and as Chairman of Merrill Lynch
International (2000-2004).
Between 1991 and 2000 he served two terms as the
Governor of the Bank of Israel, Previously he was the Economic
Counselor and Director of Research at the International Monetary
Fund (1987-91), and also served on the faculty of the University of
Chicago, where he held the position of the David Rockefeller
Professor of International Economics as well as serving as Editor
of the Journal of Political Economy (1973-87).
Prof. Frenkel is a Fellow of the Econometric
Society, a lifetime Fellow of the International Economic
Association, a Foreign Honorary Member of the American Academy of
Arts and Sciences, a member of the Boards of Directors of the
National Bureau of Economic Research, the Institute for National
Security Studies (INSS), the Japan Society, and the Peterson
Institute for International Economics. He is a member of the
Competitive Markets Advisory Council (CMAC) of the CME Group, the
Boards of the Aspen Institute Italia and The Council for the US and
Italy, a member emeritus of Temasek International Panel (TIP), a
Senior Advisor of Temasek International Advisors, a member of the
G20 Eminent Persons Group (EPG) on Global Financial Governance, a
member of the International Advisory Council of China Development
Bank, and a Global Member of the Trilateral Commission.
Prof. Frenkel is a Laureate of the 2002 Israel
Prize in Economics, a recipient of the Scopus Award from the Hebrew
University, the Hugo Ramniceanu Prize for Economics from the
Tel-Aviv University, the Czech Republic’s Karel English Prize in
Economics, the “Order de Mayo al Merito” (in the rank of Gran Cruz)
decoration from the Government of Argentina, the “Order of Merit”
(in the rank of Cavaliere di Gran Croce) decoration from the
Republic of Italy, and the YIVO Lifetime Achievement
Award.
He serves as Chairman of the Board of Governors
of Tel Aviv University, where he is also Chairman of the
Frenkel-Zuckerman Institute for Global Economics. He previously
served as Chairman of the Board of Governors of the Inter-American
Development Bank (1995-1996), as Vice Chairman of the Board of
Governors of the European Bank for Reconstruction and Development
(1999-2000), as Governor of the IMF and Alternate Governor of the
World Bank for Israel (1991-2000), a member of the Economic
Advisory Panel of the Federal Reserve Bank of New York (1986-2014),
and a member of the Board of Trustees of the New York Economic Club
(2013-2019).
Prof. Frenkel is the author of numerous books
and articles in the fields of International Economics and
Macroeconomics and is a recipient of several Honorary Doctoral
degrees and other decorations and awards. He earned a B.A. in
economics and political science at the Hebrew University of
Jerusalem and an M.A. and Ph.D. in economics at the University of
Chicago.
Sankesh Abbhi is the President and CEO of
ArisGlobal, a leading provider of cloud-based, end-to-end, drug
development technology solutions for over 250 of the world’s
leading Life Science’s companies, CROs and government health
authorities. Mr. Abbhi, also advises Abbhi Capital, his wholly
owned family office, in its corporate investments in transformative
life sciences, healthcare and technology companies. Prior to
leading ArisGlobal and Abbhi Capital, Mr. Abbhi founded Synowledge,
a knowledge process outsourcing company which he grew to over 1000
global employees and eventually sold to BioClinica. Mr. Abbhi
graduated with a BA in Economics from Columbia University.
About NurOwn®NurOwn® (autologous MSC-NTF cells)
represent a promising investigational approach to targeting disease
pathways important in neurodegenerative disorders. MSC-NTF cells
are produced from autologous, bone marrow-derived mesenchymal stem
cells (MSCs) that have been expanded and differentiated ex vivo.
MSCs are converted into MSC-NTF cells by growing them under
patented conditions that induce the cells to secrete high levels of
neurotrophic factors. Autologous MSC-NTF cells can effectively
deliver multiple NTFs and immunomodulatory cytokines directly to
the site of damage to elicit a desired biological effect and
ultimately slow or stabilize disease progression. NurOwn® is
currently being evaluated in a Phase 3 ALS randomized
placebo-controlled trial and in a Phase 2 open-label multicenter
trial in Progressive MS.
About BrainStorm Cell Therapeutics
Inc.BrainStorm Cell Therapeutics Inc. is a leading
developer of innovative autologous adult stem cell therapeutics for
debilitating neurodegenerative diseases. The Company holds the
rights to clinical development and commercialization of the NurOwn®
Cellular Therapeutic Technology Platform used to produce autologous
MSC-NTF cells through an exclusive, worldwide licensing agreement
as well as through its own patents, patent applications and
proprietary know-how. Autologous MSC-NTF cells have received Orphan
Drug status designation from the U.S. Food and Drug Administration
(U.S. FDA) and the European Medicines Agency (EMA) in ALS.
BrainStorm has fully enrolled the Phase 3 pivotal trial in ALS
(NCT03280056), investigating repeat-administration of autologous
MSC-NTF cells at six sites in the U.S., supported by a grant from
the California Institute for Regenerative Medicine (CIRM
CLIN2-0989). The pivotal study is intended to support a BLA filing
for U.S. FDA approval of autologous MSC-NTF cells in ALS.
BrainStorm received U.S. FDA clearance to initiate a Phase 2
open-label multi-center trial of repeat intrathecal dosing of
MSC-NTF cells in Progressive Multiple Sclerosis (NCT03799718) in
December 2018, and has been enrolling clinical trial participants
since March 2019. For more information, visit the company's
website.
Safe-Harbor StatementStatements in this
announcement other than historical data and information, including
statements regarding future clinical trial enrollment and data,
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 "may",
"should", "would", "could", "will", "expect", "likely", "believe",
"plan", "estimate", "predict", "potential", and similar terms and
phrases are intended to identify these forward-looking statements.
The potential risks and uncertainties include, without limitation,
BrainStorm’s need to raise additional capital, BrainStorm’s ability
to continue as a going concern, regulatory approval of BrainStorm’s
NurOwn® treatment candidate, the success of BrainStorm’s product
development programs and research, regulatory and personnel issues,
development of a global market for our services, the ability to
secure and maintain research institutions to conduct our clinical
trials, the ability to generate significant revenue, the ability of
BrainStorm’s NurOwn® treatment candidate to achieve broad
acceptance as a treatment option for ALS or other neurodegenerative
diseases, BrainStorm’s ability to manufacture and commercialize the
NurOwn® treatment candidate, obtaining patents that provide
meaningful protection, competition and market developments,
BrainStorm’s ability to protect our intellectual property from
infringement by third parties, heath reform legislation, demand for
our services, currency exchange rates and product liability claims
and litigation,; 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 BrainStorm'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 management'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.
CONTACTS
Investor Relations:Preetam Shah, MBA, PhDChief Financial
OfficerBrainStorm Cell Therapeutics Inc.Phone:
+1.862.397.1860pshah@brainstorm-cell.com
Media:Sean LeousWestwicke/ICR PRPhone:
+1.646.677.1839sean.leous@icrinc.com
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