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NEW YORK--(BUSINESS WIRE)--
Pluristem Therapeutics Inc. (OTCBB:PSTI)
(DAX:PJT), a bio-therapeutics Company dedicated to the commercialization
of non-personalized (allogeneic) cell therapy products for a variety of
malignant, ischemic and autoimmune disorders, announced today that its
previously disclosed two hundred for one reverse stock split has become
effective. The Company's name was also changed from Pluristem Life
Systems, Inc. to Pluristem Therapeutics Inc. Pluristem's shares are now
trading on a reverse split-adjusted basis on the OTC Bulletin Board
under the symbol "PSTI.OB", which replaces the previous symbol "PLRS.OB".
The reverse stock split is made in relation to Pluristem's application
to list its shares on the NASDAQ Capital Market and to broaden the
availability of its common stock to both institutional and individual
investors.
The reverse split reduces the number of
shares of Pluristem's outstanding common stock from approximately 1.3
billion to approximately 6.5 million. The exercise price and the number
of shares of common stock issuable under Pluristem's outstanding
warrants and options have been proportionately adjusted to reflect the
reverse stock split. Fractional shares created as a result of the stock
split will be rounded up to the next whole share.
About Pluristem
Pluristem Therapeutics, Inc. is a Company
dedicated to the commercialization of non-personalized (allogeneic) stem
cell therapy products for the treatment of numerous severe degenerative,
malignant and autoimmune disorders. The Company's first product, PLX-BMT,
is directed at resolving 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 (UCB).
Pluristem's products are derived from
mesenchymal stromal cells (MSCs) obtained from the placenta and not from
embryonic stem cells. They are expanded in the Company's proprietary
PluriX(TM) 3D bioreactor that imitates the natural microstructure of
bone marrow and does not require supplemental growth factors, cytokines
or other exogenous materials. Pluristem believes the resultant expanded
cells, termed PLX cells, are multi-potent and able to differentiate into
a variety of cell types as well as being immune-privileged to protect
the recipient from immunological reactions that often accompany
transplantation.
Pluristem has offices in the USA with
research and manufacturing facilities in Israel. For more information,
please 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. 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. For example, when we speak about our application to list our
shares on the NASDAQ Capital Market, we are using a forward-looking
statement. We may not be approved for listing on NASDAQ. 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; 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.
Source: Pluristem Therapeutics Inc. |
