CUR – Hope In Neurodegenerative Diseases

By Jason Napodano, CFA

Last month we published a NOTE outlining the pioneering efforts of Neuralstem (NYSE MKT:CUR) in the use ofhuman neural stem cells ("hNSC") for the treatment of central nervous system diseases and neurodegenerative disorders.Neuralstems lead development program is for Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrigs disease, named after the famous New York Yankee first baseman who was diagnosed with the disease in 1939, and passed in 1941 at the age of only 37.

The hippocampus is critically important to the control of memory and is severely impacted by the pathology of AD.Specifically, hippocampal synaptic density is reduced in AD and correlates with memory loss.Cam/Tet-DT mice mimic the substantial loss of hippocampal neurons that occur in advanced AD. StemCells Inc's data shows that one month after transplantation, HcCNS-SC engraft, migrate locally, and have begun to differentiate into neuronal and glial lineages in both models.

This resulted in observed increased synaptic density and improved memory post transplantation. Importantly, these results did not require reduction in beta amyloid or tau that accumulate in the brains of patients with AD and account for the pathological hallmarks of the disease, suggesting a new mechanism of action for the treatment of AD.

We think the data above presented by StemCells Inc. is interesting, and bodes well for Neuralstem's similar efforts focusing on hippocampal atrophy inneurodegenerativediseases. The different between StemCells Inc. and Neuralstem is that management at Neuralstem is attempting to recreate these highly encouraging results, only with a small molecule, NS-189, that the company discovered while testing preclinical candidates onstable neural stem cells lines derived from the human hippocampus.

A new hypothesis on major depressive disorder, implicates brain physiology ratherthan brain chemistry alone on disease progression. For example, research shows that depressed patients havereduced hippocampal volume. Accordingly, shrunken hippocampal volume observed in depressed patients could beattributable to a reduction in normal new neuronal generation and/or atrophying hippocampal neural stem cells.

The trial, which is designed to evaluate the safety and preliminary efficacy of BrainStorm's proprietary NurOwn cell therapy (bone marrow-derived, autologous, differentiated mesenchymal stromal cells) is being conducted at the Hadassah Medical Center in Jerusalem, Israel. The company submitted the positive interim safety report to the Israeli Ministry of Health. NurOwn has been granted Orphan-Drug designation by the U.S. FDA.

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CUR - Hope In Neurodegenerative Diseases