Israeli Biotech Firm May Eye Expansion in City

The Israel-based biotechnology firm, BrainStorm Cell Therapeutics Inc., may be eyeing an expansion in New York City.

Founded in 2004, BrainStorm researchers are working to develop new treatment options for neurodegenerative disorders, including Parkinson's disease, using adult stem cells.

Clinical trials for treatments will start in the coming years, company officials indicated yesterday at a press conference to announce the appointment of Rasheda Ali, an author and the daughter of boxing legend Muhammad Ali, to the company's advisory board. Other advisory board members in attendance included the vice chairman of AIG, Dr. Jacob Frenkel, and the vice chairman emeritus of Lehman Brothers, Harvey Krueger.

According to BrainStorm president, Chaim Lebovits, clinical trials are likely to take place in New York.