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RESTORE Consortium, of which Pluristem is a member, Nominated to Be One of Two Finalists Competing for a Potential Award for Development of Advanced Therapeutics
- RESTORE Consortium includes world-class experts within the life sciences industry, including Pluristem
- RESTORE nominated as one of two Consortiums competing for an award up to €1 billion over the next 10 years by the European Commission (EC) for the development and advancement of transformative therapeutics
HAIFA, Israel, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Pluristem Therapeutics Inc. (Nasdaq:PSTI) (TASE:PLTR), a leading regenerative medicine company developing novel placenta-based cell therapy product candidates, today announced that the large-scale research initiative, RESTORE, of which Pluristem is a member, is nominated to be one of two finalists competing to be awarded up to €1 billion over the next 10 years by the EC for the development and advancement of transformative therapeutics. RESTORE will receive initial funding of €1 million from the EC in order to fully develop its concept. As a member of the RESTORE consortium, if RESTORE wins the award, Pluristem could receive a portion of the award, the amount of which is not yet determinable.
Led by Charité-Universitätsmedizin Berlin, and coordinated by Professor Hans-Dieter Volk from the BIH-Center for Regenerative Therapies in Berlin, RESTORE aims to promote groundbreaking research, drive Europe to the forefront in advanced therapies and deliver a pipeline of transformative cures to patients in need.
“We believe that this potential investment made by the EC is a testament to Europe’s ongoing commitment of advancing solutions for patients in need of transformative therapies,” said Zami Aberman, Chairman & Co-CEO of Pluristem. “Pluristem’s late-stage clinical trials and capacity for large-scale manufacturing technologies makes us committed to the RESTORE consortium with the collective vision of collaborating with world-class experts in a variety of roles within the life sciences industry to bring patients regenerative solutions as quickly as possible. We believe this potential funding, if awarded, will help advance multiple promising programs in development.”
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 entering late stage clinical trials in several indications. Based on nonclinical research, 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; 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 the potential for RESTORE to be awarded a grant by the EC for development of advanced therapeutics and for Pluristem to win a portion of the award, and its belief that such funding, if awarded, will help advance multiple promising programs in development. 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: whether or not RESTORE is awarded the grant by the EC, and the amount, if any, awarded to Pluristem thereafter, changes in technology and market requirements; development of unforeseen scientific difficulties with Pluristem’s development programs; as well as the other factors discussed in the "Risk Factors" section in Pluristem’s most recently filed Annual Report on Form 10-K, as well as other risks detailed in Pluristem's subsequent filings with the Securities and Exchange Commission. There can be no assurance that the actual results or developments anticipated by Pluristem will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Pluristem. All information in this press release is as of the date of the release and 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 unless required by law.
Director of Business, Investor and Public Relations