search
Front > News

Pluristem raises $30m from Chinese investors

stem cell research
stem cell research
25 Oct, 2016 13:58
שלח תגובה במיילGali Weinreb

Innovative Medical Management Co. Ltd. has bought a 17% stake in the Israeli placenta-based cell therapy products developer.

Israeli placenta-based cell therapy products developer Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT; TASE: PSTI PSTI) today announced it has signed a term sheet for an investment of $30 million. The investment is by China-based Innovative Medical Management Co. Ltd. a publicly listed Chinese Company active in the healthcare industry and an affiliate of Zheshang Venture Capital Co., Ltd. (ZSVC), which has $4.45 billion under management through more than 30 venture capital, private equity, angel, and buyout funds.

Pursuant to the term sheet, 16,890,000 shares of Pluristem common stock will be sold at $1.77 per share. In addition, Pluristem will issue to Innovative Medical approximately 4,422,500 warrants to purchase shares of Pluristem’s common stock with an exercise price of $2.50 per warrant, exercisable for a period of five years. The shares will be subject to a lock up agreement for 6 months after the closing of the agreement. Innovative medical Management will become the largest shareholder in Pluristem with a 17% stake.

In accordance with the term sheet, Innovative Medical will have one seat on Pluristem’s Board of Directors for as long as it holds at least 12.5% of Pluristem’s issued and outstanding stock. Innovative Medical will also have certain information, registration and pre-emptive rights as well as certain negotiation rights with respect to potential transactions of Pluristem in China.

Based in Haifa, the stem cell company has reported robust clinical trial data in multiple indications for its patented PLX (PLacental eXpanded) cells and is entering late-stage trials in several indications. The cell products release a range of therapeutic proteins in response to inflammation, ischemia, hematological disorders, and radiation damage. PLX cell products are grown using the Company's proprietary three-dimensional expansion technology. They are off-the-shelf, requiring no tissue matching prior to administration.

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Published by Globes [online], Israel business news - www.globes-online.com - on October 25, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

stem cell research
stem cell research
Eilat's old airport Photo: Shutterstock Building set to begin on former Eilat airport land

2,469 housing units will be built as well as 2,776 hotel rooms, 88,000 square meters of office space and 95,000 square meters of commercial space.

Liron Horshi credit: Jonathan Bloom Wiz's talent manager nurtures $1b workforce

Wiz's $32 billion sale to Google was rooted in the cloud security product if offers but could not have been achieved without the quality of its employees built by human resources chief Liron Horshi.

Gas station in Israel credit: Tali Bogdanovsky Gasoline prices in Israel to rise Monday night

The maximum price of government price controlled 95 octane gasoline at self-service pumps in Israel will rise on Monday at midnight April 1, 2025, by NIS 0.08 per liter to NIS 7.31 per liter.

Israeli apartments Credit: Shutterstock Apartments sold and rented

A selection of recent real estate deals in Israel in Givatayim, Ra'anana, Modiin-Maccabim-Reut, Gedera, Kiryat Shemona and Ashkelon.

Fencing goes up Petah Tikva's Segula neighborhood credit: NTA The Metro is really happening

Although there are skeptics who doubt that the project will ever be realized, there are now enough signs on the ground to indicate that they are probably wrong.

Ben Gurion airport Terminal 1 credit: Shutterstock Ben Gurion airport's Terminal 1 reopens

Terminal 1 at Ben Gurion airport reopened yesterday to domestic flights, while international flights will start using the terminal from Sunday, March 30.

Minister of Interior Moshe Arbel credit: Cadya Levy Interior Minister: There is no deep state in Israel

Minister of Interior Moshe Arbel told the Globes Services conference that civil servants are dedicated employees who serve the public.

Minimum wage credit: Tali Bogdanovsky Minimum wage in Israel to rise next week

The monthly minimum wage in Israel will be revised upwards by 6%.

Bank of Israel credit: Shutterstock/Alon Adika Bank of Israel slams gov't fiscal policy

Governor Prof. Amir Yaron wrote in the annual report that the government's measures are not enough to ensure a sustained decline in debt-to-GDP ratio.

Minister of Justice Yariv Levin credit: Noam Moskovitz Knesset Spokesperson Knesset passes Judicial Selection Law

The new law makes judicial appointments subject to political control.

Airbnb credit: Reuters Knesset ignores Airbnb tax evasion loophole

The Israel Hotels Association has slammed the government's indifference to tax evasion by Airbnb landlords, which it insists promotes unfair competition.

GMT CFO Eran Tibon credit: PR Political tensions tempt Israelis to move funds abroad

According to data from advanced financial services company Global Money Transfer, steps taken by the Israeli cabinet to oust Shin Bet chief Ronen Bar, and Attorney General Gali Baharav-Miara, could cause capital to flee Israel.

Sde Dov credit: Guy Yehieli Tenders close for 2,744 more homes in Sde Dov

Four tenders closed last month for the north Tel Aviv district saw a decrease of about 40% in the prices of land, and there is great interest in the prices these latest tenders will fetch.

Rafael CEO Yoav Turgeman credit: Rafael Spokesperson Rafael CEO: Iron Beam will be ready in 2025 as promised

In presenting record financial results for 2024, Yoav Turgeman tells "Globes" that the high energy laser weapon system will be operational this year.

Tel Aviv credit: Shutterstock Rent rises moderate due to emigration and reserve duty

Rents only rose 4% in 2024, the Bank of Israel reports, despite the large number of evacuees, due to the negative migration balance and the large number of young people in the army reserves.

Moody's, Benjamin Netanyahu, Bezalel Smotrich, credit: Shutter stock, Government Spokesperson, Tali Bogdanovsky Moody's: Political risks weigh on Israel's rating

"Israel's sovereign credit profile reflects very high political risks that have weakened economic and fiscal strength."

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018