Trading in Pluristem suspended ahead of major announcement

The stem cell company's share price rose 10% in morning trading on the TASE and 25% in premarket trading on Nasdaq.

Trading in stem cell treatments developer Pluristem Therapeutics Ltd. (Nasdaq:PSTI; TASE: PSTI; DAX: PJT) was suspended at 12:59 today, when the company notified the Tel Aviv Stock Exchange (TASE) that it "intends to announce a material event."

Pluristem's share price rose 9.7% in morning trading on the TASE to NIS 12.60, and soared 25.4% in premarket trading on Nasdaq to $3.41, giving a market cap of around $90 million.

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 not 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.

Published by Globes [online], Israel business news - - on January 18, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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