The Tel Aviv Stock Exchange (TASE) has approved the dual listing of Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT) on the TASE, beginning next Sunday, December 19. The ticker will be "PLTR".
Pluristem went public in US through a reverse merger with a stock market shell listed on the Bulletin Board, before meeting the terms for listing on the Nasdaq Capital Market. The share price closed at $1.52 on Friday, giving a market cap of $40 million. The average daily turnover in the share was $137,000 in past three months.
Pluristem CEO Zami Aberman, CFO Yaki Yanai, and directors Doron Shorrer and Israel Ben-Yoram, and Nachum Rosman are parties at interest in the company, owning 18.5% of the company altogether. On the basis of its current market cap, Pluristem expects to be included on the TASE Tel-Tech, Composite, Mid-Cap, and Biomed indices.
Pluristem will hold an investors conference in Israel ahead of its TASE listing.
Pluristem is following the path of Prolor Biotech Inc. (AMEX: PBTH; TASE: PBTH) and Protalix Biotherapeutics Inc. (AMEX:PLX; TASE: PLX), both of which went public through reverse mergers on Wall Street, and later dual-listed on the TASE.
Pluristem operates in an innovative and experimental field, developing a placenta-derived cell therapy, PLX-PAD, for blocked arteries in the limbs and heart. The placental cells do cause rejection by either the mother's body or the fetus, and the company says that they cause little rejection when injected into another person's body. This minor reaction is in contrast to bone marrow derived stem cells, which have to be customized to the patient to prevent an immune reaction.
In September 2010, Pluristem reported that clinical trials of PLX-PAD, which did not include control groups, found it potentially safe, effective, and improved the quality of life in patients.
Published by Globes [online], Israel business news - www.globes-online.com - on December 12, 2010
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