NEW YORK--(BUSINESS WIRE)--Pluristem Therapeutics Inc. (NasdaqCM:PSTI) (DAX:PJT), a bio-therapeutics company dedicated to the commercialization of unrelated donor-patient (allogeneic) cell therapy products for a variety of degenerative, ischemic and autoimmune indications, today announced it has entered into definitive agreements to sell common stock and warrants for aggregate gross proceeds of $600,000.

Pursuant to the agreement, the Company sold 1,500,000 shares of Common Stock at a price of $0.40 per share for an aggregate purchase price of $600,000. The purchaser has the option, by notice to the Company no later than 10 business days following the release of an official announcement by the Company that it is initiating its first human clinical trial, to purchase an additional 800,000 shares of Common Stock at a purchase price of $0.75 per share, and receive warrants therewith, for an aggregate purchase price of an additional $600,000.

In addition, Pluristem's management and Board of Directors have invested an additional $150,000 at a price of $0.40 per share. The investment was effected by a reduction in monetary compensation.

Mr. Zami Aberman, Pluristem’s President & CEO, commented: “This financing and management investment totaling $750,000 is a vote of confidence in Pluristem’s strategy and technology. The recent announcements of large pharmaceutical and biotech companies entering into the cell therapy business represent a potential strategic change in the perception of regenerative medicine as the future of medicine. We believe that Pluristem is well positioned to answer this trend and that our shareholders will eventually benefit from that. This funding, in addition to potential non-diluting research grants, should be sufficient to support our Phase I clinical trial.”

About Pluristem Therapeutics

Pluristem Therapeutics Inc. is a bio-therapeutics company dedicated to the commercialization of non-personalized (allogeneic) cell therapy products for the treatment of several severe degenerative, ischemic and autoimmune disorders. The Company is developing a pipeline of products, stored ready-to-use, that are derived from human placenta, a non-controversial, non-embryonic, adult stem cell source.

These placental adherent stromal cells (ASCs) are expanded in the Company's proprietary PluriX^TM 3D bioreactor, which imitates the natural microstructure of bone marrow and does not require supplemental growth factors or other exogenous materials. Pluristem believes that the resultant PLX (PLacental eXpanded) cells’ efficacy may be related to the secretion of cytokines or other potent immune modulators. Furthermore, PLX cells are immune privileged and possess immunomodulatory properties, thus protecting the recipient from immunological reactions that often accompany transplantations.

Pluristem's first product in development, PLX-PAD, is intended to improve the quality of life of millions of people suffering from peripheral artery disease (PAD). The Company's products in development also include PLX-IBD, targeting Inflammatory Bowel Disease (IBD); PLX-MS, targeting Multiple Sclerosis; PLX-BMT, targeting the global shortfall of matched tissue for bone marrow transplantation (BMT) 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.

See our product animation on YouTube: http://www.youtube.com/watch?v=QzAANdeg0b0.

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

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 Pluristem is well positioned to answer the trend of large pharmaceutical and biotech companies entering into the cell therapy business and that our shareholders will eventually benefit from that, or that we believe this funding, in addition to potential non-diluting research grants, should be sufficient to support our Phase I clinical trial, 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: failure to obtain required regulatory approvals, changes in technology and market requirements; 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; 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 risk and uncertainties affecting Pluristem, reference is made to Pluristem's reports filed from time to time with the Securities and Exchange Commission.

 

Pluristem Investor Contact:
William Prather RPh, MD,  303-883-4954 
Sr. VP Corporate Development
bill@pluristem.com