Pluristem Therapeutics Inc. ( Nasdaq:PSTI ) (DAX:PJT) , a bio-therapeutics company dedicated to the commercialization of non-personalized (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 to selected institutional investors for aggregate gross proceeds of $1,600,000. The offering is made pursuant to the Form S-3 shelf registration statement that was filed by Pluristem with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on July 1, 2008. The offering is expected to close on or about August 8, 2008, subject to the satisfaction of customary closing conditions. Pluristem intends to use the net proceeds from the offering for its expected clinical trial, working capital and general corporate purposes.
The securities sold in the offering were 1,391,304 shares of common stock at a price of $1.15 per share and five-year warrants to purchase 695,652 shares of common stock at an exercise price of $1.90 per share.
Mr. Zami Aberman, Pluristem’s President and CEO, commented: “We will use these funds to move forward our planned clinical trials in the USA and Europe for our PLX-PAD, intended to improve the quality of life of millions of people suffering from peripheral artery disease.”
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Any offer will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Copies of the prospectus supplement together with the accompanying prospectus can be obtained at the SEC’s website at http://www.sec.gov or from Rodman & Renshaw, LLC, 1251 Avenue of the Americas, 20th Floor, New York, NY, 10020.
About Pluristem Therapeutics Inc.
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 mesenchymal stromal cells (MSCs) 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 are multi-potent and able to differentiate into a variety of cell types. Recent evidence also suggests their efficacy may be related to the secretion of cytokines or other potent immune modulators. Furthermore, PLX cells are immune privileged and have 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-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; PLX-STROKE, targeting ischemic stroke; PLX-MS, targeting Multiple Sclerosis; and PLX-IBD, targeting Inflammatory Bowel Disease (IBD), which includes Crohn’s disease and Ulcerative Colitis.
Pluristem has offices in the USA with research and manufacturing facilities in Israel.
Full Press Release:
http://stock-promoter.thesubway.com/2008/08/07/pluristem-ther...
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