The grant is part of the Government’s Ministry of Trade and Industry Program to support innovative technologies in Israel.
NEW YORK--(BUSINESS WIRE)--Pluristem Therapeutics Inc. (NasdaqCM:PSTI) (DAX:PJT), a bio-therapeutics company dedicated to the commercialization of non-personalized (allogeneic), off-the-shelf, cell therapy products for a variety of degenerative, ischemic and autoimmune indications, today announced it has received a $1.6M grant from the Office of Israel’s Chief Scientist (OCS). The grant is part of the Government’s Ministry of Trade and Industry Program to support innovative technologies in Israel. The $1.6M grant represents a 100% increase compared with the grant received by Pluristem from the OCS in the previous year. The funds will be designated to support the clinical trials of the Company as well as research and development activities.
Mr. Zami Aberman, Pluristem’s President & CEO, commented: “We are proud to receive this grant from the prestigious OCS to support our activity. The 100% increase of the grant relative to the previous year is a vote of confidence and demonstrates the strength of our technology and the potential of our Company to become a dominant participant in the cell therapy market. The grant covers the development costs of our PLX cells from March 2008 to February 2009. Furthermore, Pluristem plans to submit an application for a new grant to the OCS in March 2009 to cover our Phase I trial of PLX-PAD and our pre-clinical studies of PLX-IBD, targeting Inflammatory Bowel Disease (IBD)."
Mr. Aberman goes on to say, “Additionally, Pluristem has formed a Multidisciplinary Consortium that includes thirteen companies and research centers in Germany, France, Switzerland and Israel to support additional clinical trials via grant applications totaling approximately $13 million. These grant applications, supported by the Seventh Framework Programme for Research and Technological Development, the European Union’s main instrument for funding research in Europe, together with our planned March 2009 application to the OCS, are part of our strategy to seek non-dilutive funding for the benefit of the Company and its shareholders.”
About Pluristem Therapeutics
Pluristem Therapeutics Inc. is a bio-therapeutics company dedicated to the commercialization of non-personalized (allogeneic), off-the-shelf, cell therapy products, for which no matching is needed, for the treatment of several severe degenerative, ischemic and autoimmune disorders. The Company is developing a pipeline of products, stored ready-to-use, that are derived from human placenta, a non-controversial, non-embryonic, adult stem cell source.
These placental adherent stromal cells (ASCs) are expanded in the Company's proprietary PluriXTM 3D bioreactor, which imitates the natural 3D microenvironment of these cells and does not require supplemental growth factors or other exogenous materials. Pluristem believes that the resultant PLX (PLacental eXpanded) cells’ efficacy may be related to the secretion of cytokines or other potent immune modulators. Furthermore, PLX cells are immune privileged and possess immunomodulatory properties, thus protecting the recipient from immunological reactions that often accompany transplantations.
Pluristem's first product in development, PLX-PAD, is intended to improve the quality of life of millions of people suffering from peripheral artery disease (PAD). The Company's products in development also include PLX-IBD, targeting Inflammatory Bowel Disease (IBD); PLX-MS, targeting Multiple Sclerosis; PLX-BMT, targeting the global shortfall of matched tissue for bone marrow transplantation (BMT) by improving the engraftment of hematopoietic stem cells (HSCs) contained in umbilical cord blood; and PLX-STROKE, targeting ischemic stroke.
Pluristem has offices in the USA with research and manufacturing facilities in Israel.
See our product animation on YouTube: http://www.youtube.com/watch?v=QzAANdeg0b0.
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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, when we say that we have potential to become a dominant participant in the cell therapy market, or when we discuss our plans to submit an application for a new grant to the OCS in March 2009, or our strategy to seek for non-diluting funding for the benefit of the Company and its shareholders, we are using forward-looking statements. 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: failure to obtain required regulatory approvals, changes in technology and market requirements; 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; 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 risk and uncertainties affecting Pluristem, reference is made to Pluristem's reports filed from time to time with the Securities and Exchange Commission.
