HAIFA, Israel, Aug. 6, 2013 (GLOBE NEWSWIRE) -- Pluristem Therapeutics Inc. (Nasdaq:PSTI) (TASE:PLTR) today announced that its wholly owned subsidiary, Pluristem Ltd., has received approval for a 12 million New Israeli Shekels (approximately $3.3 million) grant from the Office of the Chief Scientist (OCS) within the Israeli Ministry of Economy. Once received, the grant will be used to cover R&D expenses for the period January 2013 to December 2013.
"We are grateful for the support of the Israeli Office of Chief Scientist, and their leadership in building the biotechnology sector into one of the leading industries in Israel," said Zami Aberman, Chairman and CEO of Pluristem. "This grant helps us to further advance our R&D pipeline and to move new indications into our growing product portfolio clinical trials in the U.S., Israel and Europe. Pluristem's advanced and innovative manufacturing technology enables the mass production of PLX cells in our new facility. This allows Pluristem to support a variety of clinical trials and if and when PLX product candidates are approved for marketing, to supply PLX products to its partners. This competitive advantage is recognized by the OCS who promotes innovation and supports our progress and growth."
About the Office of the Chief Scientist and grant terms
The OCS, empowered by the Law for the Encouragement of Industrial Research & Development – 1984, 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 hi-tech market, creates employment opportunities and assists in improving Israel's balance of payments.
According to the OCS grant terms, Pluristem Ltd. is required to pay royalties in the rate of 3% - 5% on sales of products and services derived from technology developed using this and other OCS grants until 100% of the dollar-linked grants amount plus interest are repaid. In the absence of such sales, no payment is required.
About Pluristem Therapeutics
Pluristem Therapeutics Inc. (Nasdaq: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 clinical trials indicate that Pluristem's first PLX product, PLX-PAD, is safe and potentially effective for the treatment of end stage PAD. Pluristem's pre-clinical animal models have demonstrated PLX cells are also potentially effective in nerve pain and muscle damage when administered locally and in inflammatory bowel disease, multiple sclerosis, or MS, and stroke when administered systemically.
Pluristem has a strong patent portfolio, company-owned GMP certified manufacturing and research facilities, strategic relationships with major research institutions and a seasoned management team. For more information visit www.pluristem.com, the content of which is not part of this press release. Follow Pluristem on Twitter @Pluristem.
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 receipt and use of the OCS grant, or when we discuss that the grant will support expanding product portfolio in both clinical trials and pre-clinical R&D, or when we discuss our ability to support the distribution of PLX products to our partners, if and when PLX product candidates are approved for marketing, or when we discuss 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: 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.
CONTACT: Pluristem Therapeutics Inc.: William Prather R.Ph., M.D. Sr. VP Corporate Development 1-303-883-4954 William.PratherMD@pluristem.com Daya Lettvin Investor & Media Relations Director +972-54-674-5580 firstname.lastname@example.org Media Contact: Matthew Krieger Ruder Finn - for Pluristem +972-54-467-695 email@example.com
Source:Pluristem Therapeutics Inc.