KFAR SABA, Israel, June 15, 2016 (GLOBE NEWSWIRE) -- Cellect Biomed Ltd. (TASE:CLBD) (“Cellect” or the “Company”), a developer of innovative technology which enables the functional selection of stem cells, announced today that it has been awarded an NIS 3.5 million grant by the BIRD Foundation in support of the development and commercialization of Cellect’s groundbreaking stem cell selection technology in collaboration with its NASDAQ-listed, US-based project partner.
The grant, which is subject to the successful completion of key milestones outlined in the application, will be used in support of a NIS 10 million project that will advance the development and production of Cellect’s innovative stem cells selection product. The work will be carried out at the US development centers of Cellect’s project partner and at Cellect’s facilities.
Dr. Shai Yarkoni, Cellect’s CEO, commented, “BIRD's support of this joint project is a significant milestone in the Company’s development plans and represents a strong vote of confidence in our unique stem cell selection technology.”
The grant was awarded by the BIRD Foundation Board following a competitive review process that evaluated projects from various biotechnology and technology fields. This included a comprehensive analysis of all submissions that was carried out by experts from both the Office of Chief Scientist in the Israeli Ministry of Economy and the National Institute of Standards and Technology in the United States, taking into account the applicant’s technology, the regulatory framework and the ability to commercialize and market the products being developed.
Under the terms of the agreement, Cellect’s US project partner will be responsible for the development of manufacturing processes using complex polymers and surface chemistry, and will bear these development expenses. Cellect will be responsible for the biological and medical aspects of the development process, including the testing of the product. Each company will retain its own intellectual property preceding the agreement, while new intellectual property, should there be any, will be jointly owned by both companies.
The BIRD Foundation was established by the United States and Israeli governments in 1977 to stimulate, promote and support industrial research and development of mutual benefit to both countries. The renowned organization has vast expertise in multiple technology fields, and has invested over $300 million in projects that have yielded over $10 billion in direct and indirect sales in its 39 years of operation.
Cellect develops an innovative technology, which enables the functional selection of stem cells based on their sensitivity to apoptosis. This functional-based selection is a major breakthrough in the ability to isolate stem cells from mature cells, thereby improving a variety of stem cells based therapies.
The Company’s first product line will include unique containers for cell selection in an apoptosis-inducing microenvironment. Through extensive lab studies, Cellect has proven that the use of differential sensitivity to apoptosis can largely increase the stem cell concentration in bone marrow, as well as peripheral blood, umbilical cord blood and fat tissues. The first commercial product of the company is a medical device designed for bone marrow transplantations (“BMT”). Short and simplified use of these unique containers will allow dramatic decrease of adverse effects typical to BMT. The company estimates that in the future its technology will be integrated in many manufacturing processes of stem cell-based products.
This press release may contain forward-looking statements, about Cellect's expectations, beliefs or intentions regarding, among other things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition, from time to time, Cellect or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking statements can be identified by the use of forward-looking words such as "believe," "expect," "intend," "plan," "may," "should" or "anticipate" or their negatives or other variations of these words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters. These forward-looking statements may be included in, but are not limited to, various filings made by Cellect with the TASE, press releases or oral statements made by or with the approval of one of Cellect's authorized executive officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause Cellect's actual results to differ materially from any future results expressed or implied by the forward-looking statements. Many factors could cause Cellect's actual activities or results to differ materially from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized in Cellect's filings with the TASE. In addition, Cellect operates in an industry sector where securities values are highly volatile and may be influenced by economic and other factors beyond its control. Cellect does not undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise.
U.S. Investor Contact: Stephen Kilmer (647) 872-4849