| NEW YORK--(BUSINESS WIRE)--Pluristem Life Systems, Inc. (OTCBB:PLRS
- News), a cell
therapy Company dedicated to the commercialization of stem cell products
for a variety of indications, today announced that it has signed a
binding term sheet with new investors for a private equity investment in
the amount of $8,000,000. The first payment of funds totaling $1,250,000
has been received. The investors will receive Pluristem restricted
common stock at a price of $0.0125 per share and a warrant to purchase
additional shares at an exercise price of $0.025 per share. The final
agreement is expected to be completed by March 15, 2007.
Mr. Zami Aberman, CEO of Pluristem Life Systems stated: "We are
delighted these new investors have shown their confidence in Pluristem.
Our business strategy targets a potential $30 billion market by
capitalizing on our proprietary PLacenta eXpanded (PLX I) and 3D
PluriX(TM) technologies and our unique business model of
"supply-on-demand" cells for a variety of clinical indications. This
financing enables us to fund our activities for the next 2 years and
generate the clinical data we believe will support the therapeutic
effects of PLX-BMT in the treatment of hematological malignancies. In
addition, we will explore the use of PLX-BMT in new clinical
applications."
Pluristem developed PLX I as an allogeneic product, based on
supplementing the umbilical cord blood cells with supportive cells that
improve the effectiveness of engraftments and shorten recovery times.
PLX I mesenchymal stem cells were proven to increase the umbilical cord
blood stem cells effectiveness by 3-5 times in a pre-clinical study.
About Pluristem
Pluristem Life Systems, Inc. is life sciences driven Company that is
developing and commercializing non personalized stem cell expansion
technology products for the potential treatment of a variety of
disorders. The Company is developing cell-based therapeutics that
utilizes adult stem cells expanded in a three-dimensional proprietary
bioreactor (PluriX(TM)) mimicking different naturally occurring
physiological environments. Pluristem expects its first products to be
cell grafts that will provide an efficient and superior alternative to
the currently accepted standard procedure of bone marrow
transplantation. PLX-BMT, Pluristem' first adult stem cell product, is
intended to target a critical global shortfall of matched tissue for
bone marrow transplantation since bone marrow transplantation is often
the only cure for patients suffering from leukemia, lymphoma, myeloma
and many other hematological diseases. The Company has made a strategic
decision to work only with adult stem cells since the practical use of
embryonic stem cells is severely restricted by various religious,
ethical and legal considerations.
For more information, please visit our website:
www.pluristem.com
Safe Harbor Statement
This press release contains statements, which may constitute
"forward-looking statements" regarding our intent, belief or current
expectations. Forward-looking statements in this release include that
there is a $30 billion market potential for our products; that we expect
to sign the final agreement for a $8,000,000 private placement by
April,10, 2007; that we will be able to develop our "supply-on-demand"
cells business model for a variety of clinical indications; and that
this investment in the Company will enable us finance our activities for
the next 2 years generating clinical data to support the therapeutic
effects of PLX-BMT. Factors which may significantly change or prevent our
forward looking statements from fruition include that the investors may
not close the private placement or finance the remainder of the
$8,000,000; we currently do not have sufficient authorized capital to
complete the private placement in full and may be unable to increase our
authorized capital; we may be unable to get regulatory approval for our
products; we may be unsuccessful in developing any products; 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; results in the laboratory may not translate to
equally good results in real surgical settings; our patents may not be
sufficient to protect essential aspects of our technology; competitors
may invent better technology; our products may not work as well as hoped
or worse, our products may harm recipients; and we may not be able raise
funds for development or working capital when we require it. As well,
our products may never develop into useful products and even if they do,
they may not be approved for sale to the public. For further risk
factors see the Company's latest 10-KSB filed with the SEC.
For more information visit our website at
www.pluristem.com
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