HAIFA, Israel--(BUSINESS WIRE)--Pluristem Therapeutics Inc. (NasdaqCM:PSTI)(DAX:PJT), will receive a total of $2.3 million in funding for its stem cell programs from the Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labor of Israel. This is an increase from the previously announced amount of $1.9 million. Funds will be utilized primarily to support the Company’s clinical trials of PLX-PAD, which is the first placenta derived stem cell product cultured in Pluristem’s proprietary PluriX^TM 3D bioreactor system. PLX-PAD is targeted for the treatment of critical limb ischemia (CLI), the end-stage of peripheral artery disease (PAD).

“The funds awarded by the Israeli government over the past several years allowed Pluristem to develop its technology and products,” said Zami Aberman, chairman, president and CEO of Pluristem. The OCS support has enabled Pluristem to move forward with its clinical goals and has been instrumental in supporting the development of the biotech industry in Israel. We believe that ongoing funding from the OCS will enable us to become a leading global player in the cell therapy industry and make a significant contribution to the growing bio-tech industry in Israel."

About Pluristem

Pluristem Therapeutics Inc. is a clinical development bio-therapeutics company dedicated to the commercialization of unrelated donor-patient (allogeneic) cell therapy products for the treatment of several severe degenerative, ischemic and autoimmune disorders. Pluristem's first product, PLX-PAD (for the treatment of Peripheral Artery Disease), a “First-In-Human” placental-derived mesenchymal-like stromal cell product, has received FDA and IMPD clearance and is being investigated in a Phase I clinical trial. The Company is developing a pipeline of products derived from human placenta, a non-controversial, non-embryonic, adult stem cell source. The (PLacental eXpanded) cell products are stored off-the-shelf, ready-to-use, and require no histocompatibility matching.

These placental adherent stromal cells (ASCs) are expanded in the company's proprietary PluriX^TM 3D bioreactor system, which provides a 3D microenvironment that enables large-scale growth of these cells without the need for supplemental growth factors or other exogenous materials. PLX cells are immune privileged, possess immunomodulatory properties, and are expanded in vitro without showing signs of phenotypic or karyotypic changes. Pluristem believes that the PLX cells’ mechanism of action may be related to the secretion of cytokines and/or other potent immune modulators.

The company's additional product candidates include PLX-IBD, targeting Inflammatory Bowel Disease, which includes Crohn’s disease and Ulcerative Colitis; PLX-MS, targeting Multiple Sclerosis; PLX-BMT, targeting the global shortfall of matched tissue for bone marrow transplantation by improving the engraftment of hematopoietic stem cells (HSCs) contained in umbilical cord blood; and PLX-STROKE, targeting ischemic stroke.

Pluristem has offices in the USA with research and manufacturing facilities in Israel.

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Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. For example, when we say that ongoing funding from the OCS will enable us to become a leading global player in the cell therapy industry and make a significant contribution to the growing bio-tech industry in Israel, we are using forward-looking statements. These forward-looking statements are based on the current expectations of the management of Pluristem only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; we may encounter delays or obstacles in launching our clinical trials; our technology may not be validated as we progress further and our methods may not be accepted by the scientific community; we may be unable to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties may develop with our process; our products may wind up being more expensive than we anticipate; results in the laboratory may not translate to equally good results in real surgical settings; our patents may not be sufficient; our products may harm recipients; changes in legislation; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Pluristem to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Pluristem undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Pluristem, reference is made to Pluristem's reports filed from time to time with the Securities and Exchange Commission.

For more information visit our website at www.pluristem.com, the content of which is not part of this press release.