Link to Hebrew report
The company is pleased to announce the following:
A. Chief Scientist Grant:
The Israeli Office of the Chief Scientist at the Ministry of Industry (OCS) approved a substantial grant for a portfolio company, CellCure Noirosaeinss Ltd. (held by -21.2% and -20.05% fully diluted). Cell Cure’s R & D budget for further development of the company's leading product - OpRegen®, intended to treat dry AMD, totaling approximately 11.48 million NIS, will be entitled to OCS participation of around 5.34 million NIS.
Of the approved 11.48 million NIS, approximately 4.48 million NIS will be supported at a rate of 30% and 6.6 million at a rate of 60% (including an additional 10% as location based incentives). The planned research and development includes safety and efficacy testing through pre-clinical experiments in Israel and the United States.
B. Loan Agreement:
Cell Cure entered into a loan agreement with the BioTime Inc. whereby Cell Cure will receive a bridge loan of U.S. $ 265,000 - principal terms listed below:
Loan Repayment: Cell Cure will repay the loan within three business days following the sale of BioTime share totaling U.S. $ 800,000 or raising the sum from any other source.
Interest: The loan bears no interest.
Immediate payment: (a) Insolvency of Cell Cure, liquidation, voluntary liquidation, appointment of a receiver or trustee, or creditors arrangement, and if those are not canceled within 30 days, (b) initiation of execution activity against all or nearly all the assets of Cell Cure, not dismissed within 14 days (c) Cell Cure ceases activity for a period of more than 90 days.