Pluristem reports goods interim results in stem cell study

The company raised $2.7 million in a private placement.

Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT) reports goods interim results in the Phase I clinical trial of its placenta-derived cell therapy product, PLX-PAD. The company raised $2.7 million gross in a placement of shares and warrants.

PLX-PAD aims to treat critical limb ischemia (CLI), the end-stage of peripheral artery disease (PAD). The disease can lead to amputation of the affected limb, if not treated. The interim data found that PLX-PAD is safe, well tolerated, and effective. The study includes 21 patients, three-quarters of the number needed to complete the study in the US and Germany.

10 of the 23 patients (83%) showed improvement in at least of the three parameters of the study: improved ability to walk, reduced pain in the legs, and improved functioning in daily tasks.

Pluristem chairman and CEO Zami Aberman said, "We plan to continue with the clinical development of PLX-PAD and the advancement to Phase II studies."

In the private placement, Pluristem will issue 2.4 million shares and warrants for the purchase of 1.5 million shares, half at $1.25 per share, and half at $1.40 per share, after a vesting period of 2.5 and five years, respectively.

Pluristem's share closed at $1.32 yesterday, giving a market cap of $23 million.

Published by Globes [online], Israel business news - - on April 27, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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