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Mr. Araya was Global Head of Commercial of Novartis Cell & Gene Therapies Unit
Appointment strengthens leadership team with nearly 20 years of global pharmaceutical marketing and commercialization experience
NEW YORK and PETACH TIKVAH, Israel, Sept. 04, 2018 (GLOBE NEWSWIRE) -- BrainStorm Cell Therapeutics Inc. (NASDAQ: BCLI), a leading developer of adult stem cell therapeutics for neurodegenerative diseases, today announced that is has appointed Arturo O. Araya, M.A., M.B.A., as Chief Commercial Officer, effective immediately. Mr. Araya brings to the BrainStorm team nearly two decades of global pharmaceutical commercialization, marketing, and general management experience, including as Global Head of Commercial of Novartis' Cell and Gene Therapies Unit. Mr. Araya has served on BrainStorm’s Board of Directors since February 2017. He will be responsible for leading the Company’s marketing, sales and commercial operations as the Company prepares for a potential launch of NurOwn® in amyotrophic lateral sclerosis (ALS).
“Since joining our Board last year, Arturo’s guidance and insights have proven invaluable to the BrainStorm team as we continue to advance NurOwn® through late-stage clinical development as a potentially ground-breaking treatment for ALS,” said Chaim Lebovits, President and Chief Executive Officer of BrainStorm. “With his vast experience and proven track record in global pharmaceutical commercialization, particularly in the area of complex cell and gene therapies, I am delighted that Arturo has joined our senior team.”
“I am honored to join the BrainStorm leadership team at this important time in the Company’s evolution,” said Mr. Araya. “There exists a significant need for innovative therapies to treat debilitating neurodegenerative diseases. I have been working closely with management and my fellow board members for the past 18 months, and I believe the Company’s NurOwn® technology, which has shown promising results in the clinic, has the potential to become an effective treatment for ALS where no effective therapies currently exist.”
Mr. Araya was employed at Novartis Pharmaceuticals from 2002 to 2016, where he served in various roles of increasing responsibility, ultimately as Global Head of Commercial of the company’s Cell and Gene Therapies Unit. Prior to joining Novartis, he served in general management, marketing and business development roles at Bristol-Myers Squibb. Mr. Araya earned an M.B.A. from the University of Michigan, an M.A. in Political Science and a B.S. in Civil Engineering, both from the University of Connecticut.
About BrainStorm Cell Therapeutics Inc.
BrainStorm Cell Therapeutics Inc. is a biotechnology company engaged in the development of first-of-its-kind adult stem cell therapies derived from autologous bone marrow cells for the treatment of neurodegenerative diseases. The Company holds the rights to develop and commercialize its NurOwn® technology through an exclusive, worldwide licensing agreement with Ramot, the technology transfer company of Tel Aviv University. NurOwn® has been administered to over 70 patients with ALS in clinical trials conducted in the United States and Israel. In a randomized, double blind, placebo-controlled clinical trial conducted in the U. S., a clinically meaningful benefit was demonstrated by higher response to NurOwn® compared with placebo. For more information, visit the company's website at www.brainstorm-cell.com.
Statements in this announcement other than historical data and information constitute "forward-looking statements" and involve risks and uncertainties that could cause BrainStorm Cell Therapeutics Inc.'s actual results to differ materially from those stated or implied by such forward-looking statements. Terms and phrases such as "may", "should", "would", "could", "will", "expect", "likely", "believe", "plan", "estimate", "predict", "potential", and similar terms and phrases are intended to identify these forward-looking statements. The potential risks and uncertainties include, without limitation, risks associated with BrainStorm's limited operating history, history of losses; minimal working capital, dependence on its license to Ramot's technology; ability to adequately protect the technology; dependence on key executives and on its scientific consultants; ability to obtain required regulatory approvals; and other factors detailed in BrainStorm's annual report on Form 10-K and quarterly reports on Form 10-Q available at http://www.sec.gov. These factors should be considered carefully, and readers should not place undue reliance on BrainStorm's forward-looking statements. The forward-looking statements contained in this press release are based on the beliefs, expectations and opinions of management as of the date of this press release. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management's beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
Chief Business Officer
BrainStorm Cell Therapeutics Inc.
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