After reaching its highest point in more than nine months, biotech company BrainStorm Cell Therapeutics (OTC: BCLI) dipped $0.013, resulting in a 3.9% decrease from yesterday. It closed yesterday at $0.33 and opened the trading day at $0.353 before dropping to $0.317. Although yesterday’s closing price was the highest so far in 2012, it did not come close to the stock’s highest price in the last 52 weeks, which was at $0.5350 on July 21, 2011, nearly a year ago. The price stayed fairly stable through July and August 2011, before dipping below $0.30. The lowest point in the last 52 weeks came on December 30, 2011, when it dropped to $0.20.
Today’s volume was still 10 times above normal, with nearly 2 million shares traded, compared to the average of 192,747 shares. This number was still below yesterday’s activity of 2.1 million shares traded. The biggest trading day so far this year was on February 23, 2012, when nearly 3.6 million shares were traded. July 18, 2011, was the next busiest trading day in the past year, with 3.1 million shares traded.
The company’s stock price declined despite its recent announcement about its newest therapy. BrainStorm, based in New York City, released a statement today touting the success of its NurOwn cell therapy. The company is currently performing Phase I/II clinical trials in Israel. The therapy was tested on an Israeli patient with amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig’s disease. After being injected with NurOwn cell therapy several weeks ago, the patient has reported improvement in walking, balance, speech, breathing, muscular strength, appetite and weight gain. The company performed a clinical trial on ALS patients earlier this year, which showed no significant side effects. The company expects to start clinical trials in the United States soon.
Several weeks ago, BrainStorm announced that it had received the first installment of a $1.3 million grant from Israel’s Office of the Chief Scientist. The grant money will be used toward the development of the NurOwn cell therapy.
BrainStorm also develops adult stem cell therapies for other degenerative disorders, including Parkinson’s disease and multiple sclerosis. The company uses a proprietary approach to repairing degenerating tissues and curing the disease rather than merely treating the symptoms.
BrainStorm was heavily promoted in penny stock newsletters throughout 2011. It was also on the list of penny stocks to watch in August and September 2009.
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