HAIFA, ISRAEL, January 18, 2012 - Pluristem Therapeutics, Inc. (NasdaqCM:PSTI; TASE:PLTR), today announced that its wholly owned subsidiary, Pluristem Ltd., has received approval for a NIS 9 million (approximately $2.4 million) grant from the Office of the Chief Scientist (OCS) within the Israeli Ministry of Industry, Trade and Labor. Once received, the grant will be used to cover R&D expenses for the period March 2011 to February 2012.
The Office of the Chief Scientist of the Ministry of Industry, Trade and Labor, empowered by the Law for the Encouragement of Industrial Research & Development - 1984 (R&D Law), oversees all Government sponsored support of R&D in the Israeli hi-tech and bio-tech industries. This broad-spectrum support stimulates the development of innovative state-of-the art technologies, enhances the competitive power of the industry in the global high-tech market, creates employment opportunities and assists in improving Israel's balance of payments.
About Pluristem Therapeutics Inc.
Pluristem Therapeutics Inc. (NasdaqCM: PSTI; TASE:
PLTR) is a leading developer of placenta-based cell
therapies. The company's patented PLX (PLacental
eXpanded) cells drug delivery platform releases a cocktail
of therapeutic proteins in response to a variety of local
and systemic inflammatory diseases. PLX cells are grown
using the company's proprietary 3D micro-environmental
technology and are an off-the-shelf product that requires
no tissue matching or immune-suppression treatment prior to
administration.
Data from two Phase I safety and dose determining clinical trials indicate that Pluristem's first PLX product candidate, PLX-PAD, is safe and potentially effective for the treatment of end stage peripheral artery disease. Pluristem's pre-clinical animal models have demonstrated PLX cells are also potentially effective in treating nerve pain and muscle damage when administered locally and in inflammatory bowel disease, MS and stroke when administered systemically.
Pluristem has a strong patent portfolio, GMP certified manufacturing, research and development facilities, strategic relationships with major research institutions and a seasoned management team.
For more information visit www.pluristem.com and follow Pluristem on Twitter @Pluristem, the contents of which are not part of this press release.
CLICK HERE to watch a video where CLI patients and doctors involved in the clinical trials share their stories.
Contact:
Pluristem Therapeutics Inc.
William Prather R.Ph., M.D.
Sr. VP Corporate Development
1-303-883-4954
William.PratherMD@pluristem.com
William.PratherMD@pluristem.com
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Daya Lettvin
Director Investor & Media Relations
+972-54-674-5580
daya@pluristem.com daya@pluristem.comThis
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Media Contact
Matthew Krieger
Ruder Finn - for Pluristem
+972-54-467-6950
matthew@ruderfinn.co.il
matthew@ruderfinn.co.il
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Safe Harbor Statement
This press release contains forward-looking
statements within the meaning of the "safe
harbor" provisions of the Private Securities
Litigation Reform Act of 1995 and federal securities laws.
For example, we are using forward looking statements when
we discuss the future receipt of the grant from the Office
of the Chief Scientist, or when we discuss the safety and
potential effectiveness of PLX-PAD for the treatment of end
stage peripheral artery disease, or when we discuss the
potential effectiveness of PLX cells in treating nerve pain
and muscle damage and in inflammatory bowel disease, MS and
stroke. These forward-looking statements are based on
the current expectations of the management of Pluristem
only, and are subject to a number of factors and
uncertainties that could cause actual results to differ
materially from those described in the forward-looking
statements. The following factors, among others, could
cause actual results to differ materially from those
described in the forward-looking statements: delay in
payment of the grant by the Israeli government; changes in
technology and market requirements; we may encounter delays
or obstacles in launching our clinical trials; our
technology may not be validated as we progress further and
our methods may not be accepted by the scientific
community; we may be unable to retain or attract key
employees whose knowledge is essential to the development
of our products; unforeseen scientific difficulties may
develop with our process; our products may wind up being
more expensive than we anticipate; results in the
laboratory may not translate to equally good results in
real surgical settings; our patents may not be sufficient;
our products may harm recipients; changes in legislation;
inability to timely develop and introduce new technologies,
products and applications; loss of market share and
pressure on pricing resulting from competition, which could
cause the actual results or performance of Pluristem to
differ materially from those contemplated in such
forward-looking statements. Except as otherwise required by
law, Pluristem undertakes no obligation to publicly release
any revisions to these forward-looking statements to
reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more
detailed description of the risks and uncertainties
affecting Pluristem, reference is made to Pluristem's
reports filed from time to time with the Securities and
Exchange Commission.
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