Cell Cure Neurosciences’ shareholders will receive an equity investment of $7.1M from BioTime, Teva Pharmaceutical and Hadasit Bio-Holdings (HBL) for the development of stem cell treatments for neural and retinal diseases.
- This financial round extends previous investments by Teva and HBL in Cell Cure;
- BioTime already held a significant interest in Cell Cure which it acquired through its acquisition of ES Cell International Pte. Ltd. (NYSE:ESI) in 5/10/10.
Following BioTime’s acquisition of ESI and its additional investment in Cell Cure:
- Cell Cure has become the neurological arm of BioTime’s program for the development of human embryonic stem cell based therapies;
- Cell Cure also enjoys non-dilutive financial support from the Office of the Chief Scientist in Israel’s Ministry of Industry, Trade and Labor;
- BioTime’s therapeutic product development strategy is pursued through subsidiaries that focus on specific organ systems and related diseases.