The company will use the proceeds to continue development of its flagship drug PLX-1.
Stem cell research company Pluristem Life Systems Ltd. (Bulletin Board:PLRS.OB) has closed a $13.5 million private placement. The company initially raised $8 million in February. The investors include the Technion Israel Institute of Technology and inventors who collaborated on the technology and whose patents were acquired by Pluristem.
Pluristem CEO Zami Aberman said, "The capital raised provides us with the financing we need to complete the development of our first product, PLX-I, and explore the use of our placental expanded mesenchymal stem (PLX) cells for other clinical indications."
Pluristem has already received US Food and Drug Administration (FDA) approval to commence Phase I clinical trials for its product, which uses stem cells found in umbilical cord blood to treat malignant, degenerative and auto-immune diseases. In February the company signed a stock swap and licensing agreement with Stem Cell Innovations Inc. (Bulletin Board: SCLL.OB), which develops human pluripotent stem cells, under which the latter will have rights to market Pluristem's PLX-1 in Asia, excluding Japan.
Published by Globes [online], Israel business news - www.globes.co.il - on May 24, 2007
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