| NEW YORK--(BUSINESS WIRE)--Pluristem Life Systems, Inc. (OTCBB:PLRS
- News;
Pluristem) announced today a licensing agreement and stock swap with
Stem Cell Innovations, Inc. (OTCBB:SCLL
- News; Stem
Cell) for certain marketing rights of Pluristem's PLX I product in Asia,
excluding Japan and 3-D stem cell expansion capability. The licensing
agreement provides Stem Cell with certain rights to Pluristem's PLX I
product and 3-D stem cell expansion capability, in exchange for an
upfront fee of 23 million shares of Stem Cell's common stock, milestone
payments and royalties.
Stem Cell CEO Dr. James Kelly commented, "We are excited with
Pluristem's 3-D stem cells expansion capability for use in conjunction
with our PluriCell technology. We believe this collaboration will
improve our product development capabilities, leading to better
solutions for both in vivo and in vitro applications and improve our
shareholder value."
"Licensing our products and capabilities is a key event in our
commercialization process," stated Mr. Zami Aberman, CEO of Pluristem
Life Systems. "Stem Cell's decision to license PLX I for the Asian
market, excluding Japan and our 3-D expansion capability is compelling
evidence that our products will be developed and sold worldwide. This
agreement represents a potential multimillion dollar recurring revenue
stream. We believe this collaboration will lead to several synergistic
solutions, benefiting million of patients worldwide. Our 3-D technology
has numerous applications that we intend to develop with Stem Cell and
other companies."
Under the terms of the stock swap, Stem Cell will exchange 27 million
shares of Stem Cell's common stock for 66 million shares of Pluristem
common stock and five-year warrants to purchase 66 million shares of
Pluristem common stock at an exercise price of $.03 per share.
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.
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 we
will license our technology to Stem Cell; that we will exchange shares
with Stem Cell; that our products will be developed and sold worldwide;
that this agreement represents a potential multimillion dollar recurring
revenue stream to Pluristem; that this collaboration will lead to
several synergistic solutions to benefit million of patients worldwide;
that Our 3-D technology has numerous applications that we intend to
develop with Stem Cell and other companies. Factors which may prevent or
delay these forward looking statements from coming to fruition include
that we may not be able to reach final agreement with Stem Cell on
either the license agreement or the share exchange deal; 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.
About Stem Cell Innovations, Inc.
SCI is a cell biology company with facilities in Scotch Plains, NJ,
Houston, TX and in Leiden, the Netherlands. Stem Cell Innovations
proprietary, human pluripotent stem cells, known as PluriCells, have the
potential to aid in drug discovery, toxicology, and cell therapy. Stem
Cell Innovations is in the process of making its patented pluripotent
cell lines, which are eligible for federal funding in the U.S., widely
available to universities and other not-for-profit institutions to
rapidly advance stem cell research.
Stem Cell Innovations is positioned to become a leading provider of
toxicology testing and discovery systems for the pharmaceutical,
chemical, and nutraceutical industries around the world. The development
of the proprietary PluriCell (technology greatly expands the Company's
currently marketed C3A human liver cell-based toxicology offerings.
www.stemcellinnovations.com
PluriCells is a Trademark of Stem Cell Innovations, Inc.
This release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. The Private
Securities Litigation Reform Act of 1995 provides a "safe harbor" for
forward looking statements. Forward-looking statements are not
statements of historical facts, but rather reflect our current
expectations concerning future events and results. We use words such as
"expects", "intends", "believes", "may", "will" and "anticipates" to
indicate forward-looking statements. Because these forward-looking
statements involve risks and uncertainties, there are important factors
that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements, including, but
not limited to, those risks and uncertainties detailed in the Company's
periodic reports filed with the Securities and Exchange Commission. We
caution that these risk factors may not be exhaustive. We operate in a
continually changing business environment, and new risk factors emerge
from time to time. We cannot predict these new risk factors, nor can we
assess the effect, if any, of the new risk factors on our business or
the extent to which any factor or combination of factors may cause
actual results to differ from those expressed or implied by these
forward-looking statements.
If any one or more of these expectations and assumptions proves
incorrect, actual results will likely differ materially from those
contemplated by the forward-looking statements. Even if all of the
foregoing assumptions and expectations prove correct, actual results may
still differ materially from those expressed in the forward-looking
statements as a result of factors we may not anticipate or that may be
beyond our control. While we cannot assess the future impact that any of
these differences could have on our business, financial condition,
results of operations and cash flows or the market price of shares of
our common stock, the differences could be significant. We do not
undertake to update any forward-looking statements made by us, whether
as a result of new information, future events or otherwise.
For more information visit our website at
www.pluristem.com
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