The normalization agreement between Israel and the United Arab Emirates (UAE) has not yet been signed, but several Israeli healthcare companies from the two countries are cementing scientific and business ties that they had already started forming discretely.
After the announcement by TeraGroup yesterday of investment from UAE-based APEX National Investment, today, regenerative medicine company Pluristem Therapeutics Inc. (Nasdaq:PSTI; TASE: PSTI: PSTI) of Haifa announced the signing of a non-binding memorandum of understanding (MOU) with Abu Dhabi Stem Cells Center (ADSCC), a specialist healthcare center focused on cell therapy and regenerative medicine. ADSCC was founded in 2019, and is developing a stem cells-based treatment for Covid-19. The two sides will collaborate on developing teratments for severe diseases, including Covid-19.
Executives from both companies took part in a signing ceremony held via video conference between Israel and the UAE. "The aim of the collaboration is to capitalize on each company’s respective areas of expertise in cell therapies to deliver regenerative medicine for the benefit not only of the citizens of the UAE and Israel, but for humanity as a whole. The collaboration between the parties was initiated by the Better Alternatives advisory firm," the announcement said.
Pluristem had a market cap of NIS 760 million at the opening of trading on the Tel Aviv Stock Exchange this morning, after a rise of 136% in its share price over the past year. The company, which was founded in 2001, develops therapy products on the basis of stem cells, and its treatment for ischemia is at an advanced stage of clinical trials, but it still does not have a product on the market. It has a stem cell production plant in Haifa, but the cost of maintain it together with a lack of revenue mean that it raises capital frequently.
When the Covid-19 pandemic broke out, Pluristem announced that a product it had developed for control of the immune system, which was not a leading product in its pipeline, was also suitable for treating overreaction by the immune system in Covid-19 patients. This lead to a rise in the company's share price and a $50 million grant from the EU.
Now Pluristem is again one of the first companies to respond to world events.
ADSCC has been treating Covid-19 patients with stem cells sourced from the patient’s blood, by returning the cells back into the patient’s lungs as a fine mist through a nebulizer, a machine that helps a patient breathe in medicine through a mask or mouthpiece. In July it reported that of 2,000 patients who had undergone the procedure, 1,200 had made complete recoveries. "We are extremely proud to partner with our colleagues at the ADSCC by sharing knowledge and expertise that we believe will advance healthcare within and across our borders. We see life science and regenerative medicine as a bridge for building peace, prosperity, and well-being in our region and for the entire world. I believe it is our obligation and privilege as business and scientific leaders to lead the way forward to strengthen collaborations, and promote innovation and education. We are honored to be on the front line of this historical moment," said Pluristem CEO and president Yaky Yanay.
Dr Yendry Ventura, general manager of the ADSCC, said, "Pluristem is a major player in the cell therapy field with years of experience, a unique platform and a robust clinical pipeline. We are excited to join forces and to promote the research and development of cell therapies for the best of the patients and the human society as a whole."
Published by Globes, Israel business news - en.globes.co.il - on August 17, 2020
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