Pluristem Awarded $3.3 M Israeli Government Grant
Pluristem Therapeutics Inc. (Nasdaq: PSTI) (TASE:PLTR) today announced that its wholly owned subsidiary, Pluristem Ltd., has received approval for a 12 million New Israeli Shekels (approximately $3.3 million) grant from the Office of the Chief Scientist (OCS) within the Israeli Ministry of Economy. Once received, the grant will be used to cover R&D expenses for the period January 2013 to December 2013.
"We are grateful for the support of the Israeli Office of Chief Scientist, and their leadership in building the biotechnology sector into one of the leading industries in Israel," said Zami Aberman, Chairman and CEO of Pluristem. "This grant helps us to further advance our R&D pipeline and to move new indications into our growing product portfolio clinical trials in the U.S., Israel and Europe. Pluristem's advanced and innovative manufacturing technology enables the mass production of PLX cells in our new facility. This allows Pluristem to support a variety of clinical trials and if and when PLX product candidates are approved for marketing, to supply PLX products to its partners. This competitive advantage is recognized by the OCS who promotes innovation and supports our progress and growth."