Regenerative medicine company BioTime said today its subsidiary Cell Cure Neurosciences won a $2.2 million (ILS ₪8.4 million) grant from the Israel Innovation Authority of the Ministry of Economy and Industry.
The grant will support the continued development of its cell-based therapeutic OpRegen, designed to treat severe stages of the dry form of age-related macular degeneration, a leading cause of blindness in individuals over 60.
“We are proud to be one of Israel’s innovative life science companies, and we want to thank the Israel Innovation Authority for its ongoing commitment and continuing support of our development of a cell therapy-based treatment for this major disease of aging,” Cell Cure CEO Charles Irving said in a press release.
OpRegen is composed of retinal pigment epithelial cells produced through a proprietary process to differentiate embryonic stem cells into high purity RPE cells, the company said.
Treatment with the product is expected to be carried out through a single procedure, unlike other treatments which require frequent injections, BioTime said.
The IIA has provided approximately $9.6 million to support Cell Cure, BioTime said, and will receive a 3.5% royalties on revenues from the OpRegen up to the amount of the grants, plus interest.
The OpRegen is currently in a Phase I/IIa dose-escalation clinical study, the company said.
