Pluristem wins NIS 9m Chief Scientist grant

Pluristem is developing placenta-based cell therapies for local and system inflammatory diseases.

Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT: PLTR) has obtained a NIS 9 million ($2.4 million) grant from the Office of the Chief Scientist (OCS). The company will use the grant to cover R&D expenses for March 2011- February 2012.

Pluristem is developing placenta-based cell therapies, based on its patented PLX (PLacental eXpanded) cells drug delivery platform for the treatment of a range of local and systemic inflammatory diseases. In November 2011, the company reported positive 12-month results from the Phase I clinical trial of its placental stem cell treatment for critical limb ischemia (blockage of the arteries in the limbs, which can lead to gangrene and amputation). The trial of the PLX-PAD cells has met all its safety and efficacy endpoints at all dosage levels.

Pluristem's share price was unchanged at NIS 10.24 by early afternoon trading on the TASE, after falling 1.1% on Nasdaq yesterday to $2.69, giving a market cap of $117 million.

Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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