Government and Publicly Traded Pharmaceutical Giants Invest Millions in Research and Development
HAIFA, Israel--(BUSINESS WIRE)--Feb. 25, 2004-- Pluristem Life Sciences, Inc. (OTCBB:PLRS - News), a biotechnology company dedicated to the expansion of stem cells to address a myriad of fatal illnesses, today announced that fast growing attention in stem cell from cord blood applications and expansion technology have recently garnered a tremendous boost in interest from both the U.S. government and large pharmaceutical companies.
In recent months, it was reported in press releases and industry publications such as Stem Cell News that publicly-traded industry giants including Amgen (Nasdaq:AMGN - News) along with the National Institute of Health (NIH) have invested in biotechnology companies specializing in umbilical cord blood stem cell technology. Additionally, companies including Teva Pharmaceuticals (Nasdaq:TEVA - News) are in the midst of considering making substantial investments in the field.
Pluristem has a unique proprietary stem cell expansion technology. Using its PluriX(TM) bioreactor, the Company is exploring various applications for its cord blood stem cell expansion technology.
On January 23rd, 2004, President Bush signed into law a Bill that provides $10 million for a National Cord Blood Initiative. The program will be administered by the Department of Health and Human Services’ Health Resources and Services Administration. Estimated to cost $150 million over a period of 10 years, it will provide funds to FDA-qualified cord blood banks to store and distribute human cord blood stem cells for the treatment of patients and to support peer-reviewed research using such cells.
“The greatly increasing interest and funding for cord blood technologies will positively impact Pluristem as cord blood technologies continue to receive awareness among both the scientific and investment community. It is of great benefit to the industry that both government and large pharma are directing funds and collaborative efforts to give hope to many in treating numerous catastrophic diseases,” stated Irit Arbel, Pluristem’s CEO.
“These moves demonstrate that Pluristem can become a key player in a field that is growing exponentially with a technology that we believe will revolutionize the field of stem cell technology. And this is just the beginning,” Arbel concluded.
The Company concurrently announced that it held its annual general meeting on February 11, 2004 simultaneously by conference call in Haifa, Israel and Vancouver, Canada, at which the shareholders of Pluristem elected Doron Shorrer, Dr. Irit Arbel, Meir Segev, Hava Meretzki and Robert Pico as directors of the Corporation. The shareholders also re-appointed Kost Forer & Gabbay, a member of Ernst & Young Global, Chartered Accountants, as auditors for the Corporation and received the financial statements for the year ended June 30, 2003.
For more information, visit the Company’s website at www.pluristem.com.
About Pluristem
Pluristem is a biotechnology company dedicated to the development of adult stem cell expansion technology (not to be confused with embryonic stem cells). The Company is concentrating on the expansion of cord blood hematopoietic stem cells (blood and immune system cells) to provide vital stem cell expansion services to blood banks and transplants centers in the U.S. and Europe.
Safe Harbor Statement
Statements in this document that are not purely historical are forward-looking statements. Forward-looking statements in this release include statements regarding our developing stem cell technology into a useful product which, among other things, can treat fatal illnesses; and that a National Cord Blood Initiative in the U.S. to cost $150 million over a period of 10 years will provide funds to FDA-qualified cord blood banks and support peer-reviewed research using such cells; and that Pluristem can become a key player in a field that is growing exponentially. Actual outcomes and our actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as Pluristem’s inability to complete its obligations under the stem cell license agreement, inability to finance the planned development of the technology and unforeseen technical difficulties in developing the stem cell technology; the repeal or amendment of the Cord Blood Bill or competing technologies or companies having superior results or markets, any of which could among other things, delay or prevent product release or our ability to protect our products from competition. For further risk factors see the Company’s 10-KSB on file with the SEC.
Contact:
DeMonte Associates Cynthia DeMonte, 212-605-0525 cdemonte@demonte.com
Source: Pluristem Life Sciences, Inc.