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news.BrainStorm Cell Therapeutics has completed a second equity financing closing with ACCBT, a company under the control of BrainStorm's president, Chaim Lebovits. Proceeds from the financing will be used to build a Vivarian facility to test BrainStorm technologies.
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This financing will also be used to conduct preclinical studies, efficacy and toxicity in connection with the company’s efforts to treat and cure Parkinson’s disease and ALS (Lou Gehrig’s disease), and allow BrainStorm to extend its research to focus on additional illnesses.
The investment of $0.75 million was contemplated by the previous agreement between ACCBT and BrainStorm announced in July of this year, where the company had agreed to invest up to $5 million in the company.