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posted on Jan 22, 12 07:21PM (Log in to use the IP Check tool) ^[?]

Pluristem Awarded a $2.4 Million Grant From Israeli Government

Press Release: Pluristem Therapeutics Inc. – Wed, Jan 18, 2012 5:00 AM EST

HAIFA, Israel, Jan. 18, 2012 (GLOBE NEWSWIRE) -- Pluristem Therapeutics, Inc. (Nasdaq:PSTI - News) (TASE:PLTR), today announced that its wholly owned subsidiary, Pluristem Ltd., has received approval for a NIS 9 million (approximately $2.4 million) grant from the Office of the Chief Scientist (OCS) within the Israeli Ministry of Industry, Trade and Labor. Once received, the grant will be used to cover R&D expenses for the period March 2011 to February 2012.

The Office of the Chief Scientist of the Ministry of Industry, Trade and Labor, empowered by the Law for the Encouragement of Industrial Research & Development -- 1984 (R&D Law), 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 high-tech market, creates employment opportunities and assists in improving Israel's balance of payments.

About Pluristem Therapeutics Inc.

Pluristem Therapeutics Inc. (Nasdaq:PSTI - News) (TASE:PLTR) is a leading developer of placenta-based cell therapies. The company's patented PLX (PLacental eXpanded) cells drug delivery platform releases a cocktail of therapeutic proteins in response to a variety of local and systemic inflammatory diseases. PLX cells are grown using the company's proprietary 3D micro-environmental technology and are an off-the-shelf product that requires no tissue matching or immune-suppression treatment prior to administration.

Data from two Phase I safety and dose determining clinical trials indicate that Pluristem's first PLX product candidate, PLX-PAD, is safe and potentially effective for the treatment of end stage peripheral artery disease. Pluristem's pre-clinical animal models have demonstrated PLX cells are also potentially effective in treating nerve pain and muscle damage when administered locally and in inflammatory bowel disease, MS and stroke when administered systemically.

Pluristem has a strong patent portfolio, GMP certified manufacturing, research and development facilities, strategic relationships with major research institutions and a seasoned management team.

For more information visit www.pluristem.com and follow Pluristem on Twitter @Pluristem, the contents of which are not part of this press release.

CLICK HERE to watch a video where CLI patients and doctors involved in the clinical trials share their stories.

The Pluristem Therapeutics Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6882