Stem cell company Cell Cure Neurosciences has been awarded a NIS 5.34 million (about $1.5 million) grant for 2013 from Israels Chief Scientist at the Ministry of the Economy (formerly Industry, Trade and Labor). The grant will help finance the development of OpRegen, a cell-based therapeutic product being developed by Cell Cure Neurosciences for the treatment of age-related macular degeneration. The company plans completing preclinical testing of OpRegen and filing an application to commence human clinical trials in 2014.

Cell Cure CEO Dr. Charles Irving said, "The dry form of age-related macular degeneration is one of the leading diseases of aging and is estimated to afflict over 7.3 million people in the US alone. We anticipate that OpRegen will make a real difference in the quality of life of the aging baby-boom generation in many industrialized countries, and hence it is a strategic investment for the world as a whole.

Cell Cure is developing therapeutic cells for the treatment of retinal and neural degenerative disease. Founded in 2005, the company's technology platform is based on manufacturing diverse cell products sourced from clinical grade human embryonic stem cells. In 2010, BioTime acquired a majority interest in Cell Cure and has made a subsequent direct investment by together with Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) and Hadasit Bio Holdings Ltd. (TASE:HDST; Bulletin Board: HADSY).

Published by Globes [online], Israel business news - http://www.globes-online.com - on May 16, 2013

Copyright of Globes Publisher Itonut (1983) Ltd. 2013

See more here:
Cell Cure Neurosciences awarded $1.5m Chief Scientist grant