Brainstorm Cell Therapeutics gains on plan to restructure, cut jobs

Brainstorm Cell Therapeutics

24/10/2023 12:32

** Shares of Brainstorm Cell Therapeutics  BCLI.O  jump ~12%
to 18 cents before the bell 
    ** Co announces restructuring plans, aims to reduce
headcount by about 30% 
    ** BCLI plans to focus on development of NurOwn, its
experimental therapy for the treatment of amyotrophic lateral
sclerosis, a rare and fatal neurodegenerative disease
    ** Co's realignment will help support plans for late-stage
U.S. study of NurOwn in ALS patients with an open-label
extension, will retain positions related to implementation of
the study and subsequent regulatory review
    ** BCLI is exploring options to raise capital to fund the
study 
    ** Co's chief medical officer Kirk Taylor will be stepping
down from his post BCLI 
    ** BCLI says restructuring will reduce  total resource
consumption by approximatesly half 
    ** As of last close, BCLI down ~90% YTD 

 (Reporting by Bhanvi Satija in Bengaluru)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))