Pluristem Therapeutics Announces $1.3 Million Securities Offering with Two Institutional Investors
Healthcare Fund to Subscribe to the Majority of the Offering
NEW YORK--(BUSINESS WIRE)--May 6, 2009 - Pluristem Therapeutics Inc. (NasdaqCM:PSTI) (DAX:PJT) a bio-therapeutics company dedicated to the commercialization of unrelated donor-patient (allogeneic) cell therapy products for a variety of disorders, announced today it has entered into definitive agreements to sell common stock and warrants to selected institutional investors for aggregate gross proceeds of $1.3 million. 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 May 11, 2009, 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 888,407 shares of common stock at a price of $1.50 per share and five-year warrants to purchase 488,624 shares of common stock at an exercise price of $1.96 per share.
Mr. Zami Aberman, Pluristem's President and CEO, commented: "We will use these funds to strengthen our balance sheet while initiating our clinical trials in the USA and Europe for our PLX-PAD product. PLX-PAD is intended to improve the quality of life of millions of people suffering from peripheral artery disease (PAD)".
Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (Nasdaq:RODM), acted as the exclusive placement agent for the offering. |
