HAIFA, Israel, June 17, 2015 (GLOBE NEWSWIRE) — Pluristem Therapeutics Inc. (PSTI) (TASE:PLTR), a leading developer of placenta-based cell therapy products, today announced that its wholly owned subsidiary, Pluristem Ltd., has been awarded 11.1 million New Israeli Shekels (approximately $2.9 million) from the Office of the Chief Scientist (OCS) of the Israeli Ministry of Economy. The grant will support R&D activities for calendar year 2015.
“We are delighted to receive the OCS grant to support clinical trials of PLX cells, and innovations in the use of serum free medium in our cell cultures,” stated Zami Aberman, Chairman and CEO of Pluristem. “This OCS award is designed to promote hi-tech and biotech R&D in Israel. Israel has emerged as a global hub for breakthrough technologies, and the OCS’s funding program contributes to this phenomenon. Pluristem is very proud to be among Israel’s leading life sciences companies.”
About the Office of the Chief Scientist and Grant Terms
The OCS, empowered by the Law for the Encouragement of Industrial Research & Development — 1984, oversees all government sponsored support of R&D in the Israeli hi-tech and bio-tech industries. This broad-spectrum support stimulates the development of innovative, state-of-the-art technologies, enhances the competitive power of the industry in the global hi-tech market, and creates employment opportunities.
According to the OCS grant terms, Pluristem Ltd. is required to pay royalties of 3% – 4% on sales of products and services derived from technology developed using this and other OCS grants until 100% of the dollar-linked grants amount plus interest are repaid. In the absence of such sales, no payment is required.
About Pluristem Therapeutics
Pluristem Therapeutics Inc. is a leading developer of placenta-based cell therapy products. The Company’s patented PLX (PLacental eXpanded) cells release a cocktail of therapeutic proteins in response to inflammation, ischemia, hematological disorders, and radiation damage. PLX cells are grown using the Company’s proprietary three-dimensional expansion technology and are an “off-the-shelf” product that requires no tissue matching prior to administration.
Pluristem has a strong intellectual property position, Company-owned, GMP-certified manufacturing and research facilities, strategic relationships with major research institutions, and a seasoned management team. For more information visit www.pluristem.com, the content of which is not part of this press release.
