The share price of Pluristem Therapeutics Ltd. (Nasdaq:PSTI; DAX: PJT: PLTR) jumped 11.5% by mid-afternoon in heavy trading on the TASE to NIS 10.24, and 15% in premarket trading on Nasdaq to $2.94, giving a market cap of $120 million, after chairman and CEO Zami Aberman released a very upbeat statement on the company's developments and prognoses.
Oppenheimer & Co. today initiated coverage of the company with an "Outperform" recommendation and target price of $5. Analyst Dr. Boris Peaker said that the placental stem cell therapeutic company's and proprietary 3D bioreactor technology appear to produce therapeutic stem cells that produce multiple angiogenic responses to local diseases. Open label studies were promising and the company is preparing for pivotal clinical trials.
Yesterday, Aberman summarized the company’s successful protocols with the US Food and Drug Administration (FDA) and European Medicines Agency (EMEA) for Phase II and III clinical trials its therapies for peripheral artery disease, intermittent claudication and critical limb ischemia.
Aberman added, "We will continue to collaborate with universities and academic institutions in the US, Europe, and Israel to fully leverage the uniqueness of our cells and explore their use in other indications."
Aberman concluded, "While 2011 has been a great year so far for Pluristem in terms of developing our entire product line, our most exciting achievement is our belief that we are much closer to effectively treating patients suffering from peripheral artery disease. With the advantages of our PLX cells and the expertise of our company personnel, I am confident that Pluristem will become the leader in cell therapy for peripheral vascular disease."
Published by Globes [online], Israel business news - www.globes-online.com - on May 17, 2011
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