PLRS -- Pluristem Receives $470,000 Grant from Israeli Government to Further Develop PLX-I Stem Cell Product
Thursday August 24, 6:00 am ET
HAIFA, Israel--(BUSINESS WIRE)--Aug. 24, 2006--Pluristem Life Systems, Inc. (OTCBB:PLRS - News) announces that its fully owned subsidiary Pluristem Ltd received a $470,000 grant from Israel's prestigious Chief Scientist Office (CSO). The royalty-bearing grant is part of the Government's Ministry of Trade and Industry program that offers incentives to high-tech companies for capital investment, scientific research and development. The monies were designated by the Chief Scientist Office to further develop first-time-recipient Pluristem's stem cell product PLX-I, a breakthrough potential solution that could be used to replace the traditional bone marrow transplant search and match process.
Zami Aberman, CEO of Pluristem states, "We are excited that the CSO has recognized us as a leader in stem cell technology and proud they decided to support the development of PLX I. The grant will help us to complete additional animal studies and human clinical trials. PLX-I could then be offered to the medical community positioning Pluristem to capture a significant share of the $5 billion commercial bone marrow transplant market. It was always a privilege to be associated with such great technology and now to have the support of the government to bring it to market could add even more distinction to our advanced line of adult stem cell graft products."
About Pluristem
Pluristem Life Systems, Inc. is a life sciences driven company that is developing and commercializing stem cell expansion technology products for the treatment of severe blood disorders. The Company is discovering and developing cell-based therapeutics that utilizes adult stem cells that are expanded in a proprietary bioreactor 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 standard procedure of bone marrow transplantation. Its first adult stem cell product targets 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 pluristem.com.
Safe Harbor Statement
This news 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 news release include: that Pluristem's stem cell product PLX-I is a breakthrough potential solution that could be used to replace the traditional bone marrow transplant search and match process, the grant will help us to complete additional animal studies and human clinical trials; that PLX-I could then be offered to the medical community positioning Pluristem to capture a significant share of the $5 billion commercial bone marrow transplant market. that the support of the government could add even more distinction to our advanced line of adult stem cell graft products; that Pluristem is developing and commercializing stem cell expansion technology products for the treatment of severe blood disorders; that we are discovering and developing cell-based therapeutics that utilizes adult stem cells that are expanded in a proprietary bioreactor mimicking different naturally occurring physiological environments; that Pluristem expects its first products to be cell grafts that will provide an efficient and superior alternative to the standard procedure of bone marrow transplantation, and its first adult stem cell product targets 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.
Contact:
Emerson Gerard Associates, Inc.
Media Contact
Jerry Jennings, 561-881-7318
mediareply@emersongerard.com
or
Investors
Yossi Keret, Yossi@pluristem.com
Source: Pluristem Life Systems, Inc.
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