BioTime is a biotechnology company focused on regenerative medicine and blood plasma volume expanders. The company's broad platform of stem cell technologies is enhanced through subsidiaries focused on specific fields of application. One such subsidiary is Cell Cure Neurosciences Ltd., which focuses on becoming a leading supplier of human cell-based therapies for the treatment of retinal and neural degenerative diseases.
The company announced today that its Cell Cure Neurosciences subsidiary has been awarded a grant of approximately $1.5 million from Israel's Office of the Chief Scientist for 2013. The grant will help finance the development of OpRegen, a cell-based therapeutic product for the treatment of age-related macular degeneration.
Cell Cure Neurosciences plans to develop OpRegen include completion of preclinical testing and filing an application to begin human clinical trials in 2014. Age-related macular degeneration is one of the leading diseases of the elderly. It is estimated to afflict in excess of 7.3 million Americans. The company believes OpRegen will prove to be effective in the treatment of the disease worldwide.
BioTime's subsidiary will pay a 3.5% royalty to the Office of the Chief Scientist on revenues from OpRegen until total royalties paid equal 100% of the amount of the grant plus interest at a LIBOR rate. For additional information about BioTime and Cell Cure Neurosciences, please visit biotimeinc.com or cellcureneurosciences.com.
Please see disclaimer on the QualityStocks website: disclaimer.qualitystocks.net