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BioTime’s (NYSEMKT: BYX) Cell Cure subsidiary granted $2.2 M with obligation to repay

June 10, 2016 10:07am

… Israel Innovation Authority awards that will support ongoing development of OpRegen®, to address a leading cause of blindness, dry-AMD

NYSE MKT and TASE: BTX’s, Cell Cure Neurosciences Ltd. has been awarded a new grant for 2016 of 8.4 M shekels (approximately $2.2 M) from the Israel Innovation Authority formerly the Office of the Chief Scientist) of the Ministry of Economy and Industry.

The grant provides continuing funding for the development of OpRegen®, a cell-based therapeutic product that consists of animal product-free retinal pigment epithelial (RPE) cells with high purity and potency.

OpRegen® is currently in a P1/2a dose-escalation clinical study evaluating the safety and efficacy of OpRegen® for geographic atrophy (GA), the severe stage of the dry form of age-related macular degeneration (dry-AMD). Dry-AMD is a leading cause of blindness in people over age 60, for which there is no currently approved therapy.

The Bottom Line: Under the grant award agreement, Cell Cure is obligated to pay a 3.5% royalty to the IIA on revenues from OpRegen® up to an amount equal to 100% of the grants received plus interest at a LIBOR rate.

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