BrainStorm Cell Therapeutics plans $5 million private placement

By Sheri Kasprzak

New York, July 3 - BrainStorm Cell Therapeutics said it has entered into an agreement to raise up to $5 million from ACCBT Corp.

ACCBT will make the investment in installments.

The full terms of the offering were unavailable Tuesday.

Proceeds will be used for working capital and for the advancement and development of the company's technologies.

Following the completion of the investment, ACCBT will own a majority of the company's outstanding common shares and warrants.

The first closing of the deal is expected on Aug. 30.

New York-based BrainStorm develops adult stem cell therapeutic products derived from bone marrow cells to treat neurodegenerative diseases.

The stock jumped by 27.66%, or 13 cents, on Tuesday to end at $0.60 (OTCBB: BCLI).

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