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Companies Target Projected $1.7 Billion Cell Culture Market in Media, Sera
and Reagents, Potentially Providing Pluristem Significant Revenue
HAIFA, Israel--(BUSINESS WIRE)--Oct. 20, 2005-- Pluristem Life Systems,
Inc. (OTC BB: PLRS - News; the "Company"), a biotechnology company
dedicated to the expansion of stem cells from umbilical cord blood to
address a myriad of fatal illnesses, today announced that the Company
has launched a collaboration with Biological Industries, Ltd., to
globally distribute joint project products in the field of serum-free
media specially designed for hematopoietic and mesenchymal stem cells
utilizing Pluristem's patented PluriX(TM) bioreactor.
Biological
Industries is a privately-held, leading biotechnology manufacturer and
provider of a large range of animal cell culture products including
sterile sea, liquid and powdered synthetic media, supplements and novel
serum free media products in the field of cellular biology. The company
exports products to thirty countries internationally.
According to a soon-to-be released updated report from the Business
Communications Company, Ltd. (www.bccresearch.com; RC-083U The Dynamic
Meida, Sera and Reagent Market in the Cell Culture Industry, the U.S.
market for media, sera and reagents was $915.6 million in 2003, expected
to grow at an average annual growth rate of 13.1% and reach $1.7 billion
by 2008.
Biological Industries will pay Pluristem a license fee equal to 5% of
sales of serum-free media developed in the Joint Project Products for
seven years commencing on the date of the first sale.
"These Joint Project Products derived from serum-free media may garner
millions of dollars in revenue to Pluristem as the project progresses.
Additionally, it will further demonstrate the capabilities and improve
the productivity of the Company's PluriX bioreactor," stated Zami
Aberman, CEO.
Dr. Gary Bennet, President of Biological Industries, Ltd., added, "With
robust expertise in the serum-free cell culture market, we enter this
joint project confident that it will lead to the development of products
in a burgeoning area of the biotechnology arena. We expect to see
significant bottom-line results for both companies,"
About Serum
Serum is one of the many components used in the process of stem cell
expansion. Cells need nutrients to expand and grow. Serum provides these
nutrients. It is a combination of elements, including proteins, enzymes,
metals, minerals, and sugars usually derived from an animal source such
as cattle. The shift from traditional serum-supplemented media to
serum-free and protein free media possesses several marked advantages,
which include better definition of the composition, reduced
contamination and lower cost.
About Pluristem
Pluristem is a biopharmaceutical company developing stem cell products
for cell regenerative therapy. Pluristem's platform for expanding stem
cells offers newly developing technology and multiple product
opportunities in many therapeutic areas. Pluristem has exclusive rights
to the Plurix(TM) cell expansion system under a licensing agreement with
Technion Institute of Technology and the Weisman Institute of Science.
For more information, visit the Company's website at: www.pluristem.com.
Safe Harbor Statement
This press release contains statements, which may constitute
"forward-looking statements". Those statements include statements
regarding the intent, belief or current expectations of Pluristem Life
Systems, Inc., and members of our management as well as the assumptions
on which such statements are based. Forward-looking statements in this
release include statements that include any reference to the Joint
Product Project with Biological Industries Ltd. being implemented and
its successful product development and generation of revenues derived
from product sales; that the U.S. market for media, sera and reagents is
expected to reach $1.7 billion by 2008; that reduced times for obtaining
FDA approvals may be possible; that the PluriX(TM) bioreactor has
enormous potential; that we are well positioned to actively pursue
partnering relationships, to garner significant market share due to the
development of any serum-free product, that the project will demonstrate
the capabilities and improve the productivity of the Company's PluriX
bioreactor; ; and that our technology offers opportunities for
therapeutic products and to save lives. Factors which may significantly
change or prevent our forward looking statements from fruition include
that we or Biological Industries may not complete required obligations
under our agreement; that we may be unsuccessful in developing any
products under the agreement; that we may have disputes with our partner
regarding aspects of the agreement; potential successful challenges to
our patent by competitors; that our patents are not sufficient to
protect essential aspects of our technology; that competitors may invent
better technology; that we may not have sufficient financing to develop
our products; our products may not work as well as hoped or worse, they
may harm recipients; and that we may not be able raise funding 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.
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Contact:
For Pluristem Life Systems, Inc.
DeMonte Associates
Cynthia DeMonte, 212-605-0525
cdemonte@aol.com
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Source: Pluristem Life Systems, Inc.
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