Stem cell co Pluristem awarded $3.1m chief scientist grant

The grant will be used for R&D and clinical trials of product candidates.

Stem cell company Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT: PLTR) says that its subsidiary Pluristem Ltd., has received approval for a NIS11.8 million ($3.1 million) grant from the Office of the Chief Scientist (OCS) at the Israeli Ministry of Industry, Trade and Labor.

The grant will be used to cover R&D expenses for the period March to December 2012. 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. Pluristem chairman and CEO Zami Alberman said, "We are pleased Pluristem's PLX cells were recognized as an innovative state-of-the-art technology with a potential to create long term sustainable competitive advantage in the cell therapy industry. This grant will assist the company in enhancing its R&D plans and clinical trials, helping us bring the PLX product candidates to market for the treatment of millions of patients around the world."

Published by Globes, Israel business news - www.globes-online.com - on May 1, 2012

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

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