HAIFA, Israel, July 24, 2019 (GLOBE NEWSWIRE) -- Pluristem Therapeutics Inc. PSTI PSTI, a leading regenerative medicine company developing novel placenta-based cell therapy products, today issued an update to its shareholders from its Chief Executive Officer, Yaky Yanay, commenting on the Company's proposed reverse stock split.
Dear Fellow Shareholders,
Today we announced a 1-for-10 reverse split of the company's authorized, as well as issued and outstanding shares of common stock and authorized preferred stock. We elected to execute the reverse split at this time, as we believe that it is an important step to improve our capital structure and market positioning while also maintaining compliance with the Nasdaq minimum bid price requirement. We plan to continue adopting a proactive financial approach that will enable us to better control our capital structure, which we believe is essential to achieve our goals and long term growth plan.
By executing this reverse stock split, I see a potential opportunity to attract high-quality healthcare investors who have shown interest in our technology and pipeline but are sometimes technically unable to invest in Pluristem's shares due to low market price. Strengthening our capital structure also places us in what I believe is a good position to advance business collaborations that can support the growth of our company as we move towards important milestones.
I would like to thank you for your long-standing support in Pluristem. Today we believe that we are starting to pave a new path of growth, pro-activeness and success. I am excited and committed to execute on the opportunities in front of us and look forward to keeping you updated on our progress.
Sincerely,
Yaky Yanay
Chief Executive Officer
About Pluristem Therapeutics
Pluristem Therapeutics Inc. is a leading regenerative medicine company developing novel placenta-based cell therapy product candidates. The Company has reported robust clinical trial data in multiple indications for its patented PLX cell product candidates and is currently conducting late stage clinical trials in several indications. PLX cell product candidates are believed to release a range of therapeutic proteins in response to inflammation, ischemia, muscle trauma, hematological disorders and radiation damage. The cells are grown using the Company's proprietary three-dimensional expansion technology and can be administered to patients off-the-shelf, without tissue matching. Pluristem has a strong intellectual property position; a Company-owned and operated GMP-certified manufacturing and research facility; strategic relationships with major research institutions; and a seasoned management team.
Safe Harbor Statement
This press release contains express or implied forward-looking statements within the Private Securities Litigation Reform Act of 1995 and other U.S. Federal securities laws. For example, Pluristem is using forward-looking statements when it discusses its belief that the implementation of the reverse stock split is an important step to improve its capital structure and market positioning while also maintaining compliance with the Nasdaq minimum bid price requirement, its plan to continue adopting a proactive financial approach to enable it to better control its capital structure and its belief that its capital structure will place it in a position to attract high-quality healthcare investors and advance business collaborations that can support the growth of the company as it moves towards important milestones. These forward-looking statements and their implications are based on the current expectations of the management of Pluristem only, and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; Pluristem may encounter delays or obstacles in launching and/or successfully completing its clinical trials; Pluristem's products may not be approved by regulatory agencies, Pluristem's technology may not be validated as it progresses further and its methods may not be accepted by the scientific community; Pluristem may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen scientific difficulties may develop with Pluristem's process; Pluristem's products may wind up being more expensive than it anticipates; results in the laboratory may not translate to equally good results in real clinical settings; results of preclinical studies may not correlate with the results of human clinical trials; Pluristem's patents may not be sufficient; Pluristem's products may harm recipients; changes in legislation may adversely impact Pluristem; inability to timely develop and introduce new technologies, products and applications; loss of market share and pressure on pricing resulting from competition, which could cause the actual results or performance of Pluristem to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Pluristem undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Pluristem, reference is made to Pluristem's reports filed from time to time with the Securities and Exchange Commission.
Contact:
Efrat Kaduri
Director of Business, Investor and Public Relations
972-74-7108600
efratk@pluristem.com
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