Pluristem Therapeutics Inc (PSTI)

[FDApproved]

$7.9 Million Granted to nTRACK Collaborative Project Designed to Study Pluristem’s PLX-PAD Cells


•October 02, 2017


•Grant from European Union’s Horizon 2020 program to nTRACK project designed to study nanoparticle effects on PLX-PAD cell viability and functionality

•Grant brings total to approximately $25 Million (€21.8 million) in funding from Horizon 2020 program to cover clinical and research activity for PLX-PAD

HAIFA, Israel, Oct. 02, 2017 (GLOBE NEWSWIRE) -- Pluristem Therapeutics Inc. (PSTI) (PSTI), a leading developer of placenta-based cell therapy products, today announced that a $7.9 million (€6.8 million) non-dilutive grant from the European Union’s Horizon 2020 program has been awarded to nTRACK, a collaborative project carried out by an international consortium led by LEITAT.

The goal of the nTRACK project, initiated and led scientifically by Prof. Rachela Popovtzer of Bar-Ilan University in Israel, is to develop a safe, scalable, and highly sensitive nanotechnology-based imaging approach to enable non-invasive, whole body monitoring of injected stem cells in humans, thereby providing early predictions of cellular therapy treatment outcomes. The nTRACK consortium will utilize Pluristem’s PLX-PAD cells to predict treatment success for muscle regeneration following a gastrocnemius muscle injury. Final approval of the grant is subject to the finalization of the consortium and Horizon 2020 grant agreements.

This marks Horizon 2020’s third grant to support development of Pluristem’s PLX-PAD cell therapy product, following an award of $8 million announced in August 2016 for Pluristem’s ongoing multinational Phase III trial in the treatment of critical climb ischemia (CLI) and an $8.7 million award announced in September 2017 for the company’s Phase III study in the treatment of muscle recovery following arthroplasty for hip fracture.

“We are honored to receive this additional grant from the European Union to further develop our PLX-PAD program,” said Zami Aberman, Chairman and Co-CEO of Pluristem. “We believe the continued support from international governments is a vote of confidence in our products, technology and methodology as our PLX cell therapies undergo advanced development and brings us closer to commercialization, offering new hope to patients and enabling them to lead healthier lives.”


https://finance.yahoo.com/news/7-9-million-granted-ntrack-110000376.html