Pluristem Therapeutics Inc (PSTI)

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Pluristem and Sosei CVC to establish a new corporation for the commercialization of PLX-PAD in Japan

Dec. 20, 2016 8:18 AM ET|About: Pluristem Therapeutics, Inc. (PSTI)|By: Mamta Mayani, SA News Editor

Sosei Corporate Venture Capital (Sosei CVC) and Pluristem Therapeutics (NASDAQ:PSTI) announces the signing of an agreement for the establishment of a new Japanese corporation (NewCo) for the clinical development and commercialization of Pluristem’s PLX-PAD cell therapy product in Japan.

Pluristem will own 35% of NewCo in return for its contribution of a perpetual license to commercialize PLX-PAD for Critical Limb Ischemia (CLI) in Japan. All proprietary rights related to PLX-PAD will be exclusively owned by Pluristem. Sosei CVC’s investment fund, Sosei RMF1, together with additional Japanese investors will raise and invest ~$11M (~ ?¥?1.3 billion) in return for ownership of 65% of NewCo.

Japan’s regulatory agency has already agreed on the study design of a 75-patient clinical trial in CLI for potential conditional marketing approval under an accelerated pathway.