World Class Business Leaders Jacob Frenkel and Harvey Krueger Join Advisory Board of BrainStorm Cell Therapeutics
BrainStorm Cell Therapeutics Inc. (OTCBB:BCLI), a leading developer of adult stem cell technologies and therapeutics, announced today the appointment of Dr. Jacob Frenkel, Vice Chairman of American International Group, Inc. and Harvey Krueger, Vice Chairman Emeritus of Lehman Brothers, Inc., as members of the company’s Advisory Board.
Dr. Frenkel is Vice Chairman of American International Group, Inc. (NYSE:AIG) and Chairman and CEO of the Group of Thirty (G-30). Previously, he was Chairman of Merrill Lynch International (NYSE:MER). He served two terms as Governor of the Bank of Israel and is commonly credited with reducing inflation, removing foreign exchange controls and liberalizing Israel’s financial markets. Prior to that, he served as the Economic Counselor and Director of Research at the International Monetary Fund, and was a Chaired Professor of economics at the University of Chicago and at Tel Aviv University. A graduate of the Hebrew University and the University of Chicago, Dr. Frenkel is a laureate of the 2002 Israel Prize in economics and a recipient of several honorary degrees and awards from various universities and governments.
Mr. Krueger is Vice Chairman Emeritus of Lehman Brothers, Inc. (NYSE:LEH) in New York. He has served as a director of many public and private companies. He is currently a member of the board of Duff and Phelps, LLC, Chaus Inc., Hansard Global, PLC, and Delta Galil Industries, Ltd. Mr. Krueger is commonly credited with bringing Israel and its companies to the International Capital markets. A graduate of Columbia University College and Law School, Mr. Krueger is a recipient of the distinguished John Jay Award from Columbia, and holds honorary degrees from the Hebrew University of Jerusalem, Bar Ilan University and The Interdisciplinary Center Herzliya.
Messrs. Krueger and Frenkel stated, “We are pleased to be associated with a company that sees as its mission the advancement of remedies for neurodegenerative disorders. We look forward to assisting BrainStorm in pursuing its vision.”
“Messrs. Frenkel and Krueger bring substantial experience to BrainStorm as we continue to expand our operations. BrainStorm is engaged in the development of long-term remedies for life-threatening neurodegenerative disorders such as Parkinson’s, ALS and MS,” commented Professor Eldad Melamed, MD, BrainStorm’s Chief Medical Advisor.
Mr. Chaim Lebovits, President of BrainStorm, said, “I am pleased and proud that Messrs. Frenkel and Krueger have agreed to join our Advisory Board; this is an important milestone for the Company. With G-d’s help, their experiences and accomplishments should help BrainStorm in the future. We are fortunate in that we will have access to the advice of these leading figures. BrainStorm will continue to seek the most talented men and women in its quest to improve the quality of life of those with neurodegenerative disorders.”
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is an early stage company engaged in developing adult stem cell therapeutic products, derived from autologous (self) bone marrow cells, for the treatment of neurodegenerative diseases. The NurOwn(TM) patent pending technology is based on discoveries made by the scientific team led by prominent neurologist Professor Eldad Melamed, Head of Neurology at Rabin Medical Center, and expert cell biologist Dr. Daniel Offen, Head of the Neuroscience Laboratory at the Felsenstein Medical Research Center of Tel-Aviv University. The technology allows for the differentiation of bone marrow-derived stem cells into functional neurons and astrocytes, as demonstrated in animal models. The Company holds rights to develop and commercialize the technology through an exclusive, worldwide licensing agreement with Ramot at Tel Aviv University Ltd., the technology transfer company of Tel-Aviv University. The Company’s initial focus is on Parkinson’s disease, although its technology may have promise for treating several other diseases including MS, ALS, Huntington’s disease and stroke.
Safe Harbor Statement
Statements in this announcement other than historical data and information 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, including BrainStorm’s ability to complete the financings described in this press release and its ability to satisfy all of the closing conditions. The potential risks and uncertainties include, among others, risks associated with BrainStorm Cell Therapeutics Inc.’s limited operating history, history of losses and expectation to incur losses for the foreseeable future; limited cash resources; dependence on its license to Ramot’s technology; ability, together with its licensor, to adequately protect the NurOwn™ technology; dependence on key executives and on its scientific consultants; ability to identify, negotiate and successfully implement strategic partnering relationships; ability to complete clinical trials successfully and to obtain required regulatory approvals; competition with companies, some of which have greater resources and experience in developing and obtaining regulatory approval for treatments in BrainStorm Cell Therapeutics Inc.’s market; the limited public trading market for BrainStorm Cell Therapeutics Inc.’s stock which may never develop into an active market; and other factors detailed in BrainStorm Cell Therapeutics Inc.’s annual report on Form 10-KSB, quarterly reports on Form 10-QSB, current reports on Form 8-K and other filings with the Securities and Exchange Commission available at http://www.sec.gov/ or by request to the Company. The Company does not undertake any obligation to update forward-looking statements made by us.