Bloomberg News

Pluristem to Post First Quarterly Revenue Next Week, CEO Says

November 04, 2011

Nov. 3 (Bloomberg) -- Pluristem Therapeutics Inc. expects to post its first quarterly revenue next week after it agreed to license its stem cells to United Therapeutics Corp.

“We will begin to recognize revenue in the first fiscal quarter,” Chairman and Chief Executive Officer Zami Aberman said in a phone interview today. The company has enough cash to sustain it’s operations until 2014 at current expenditure levels, Aberman said.

United Therapeutics will develop a drug for pulmonary hypertension that will target a $3 billion market, Pluristem said in June. United Therapeutics will finance clinical studies and development costs of the treatment and may pay a total of $55 million to Haifa, Israel-based Pluristem, including an upfront payment of $7 million, the company said at the time.

The shares surged the most since April 5, jumping 10 percent to 9.88 shekels at the 4:30 p.m. close in Tel Aviv, after it said a clinical trial of its PLX-PAD cells to treat critical limb ischemia met all the protocol endpoints.

--Editors: Claudia Maedler, Inal Ersan

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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