A wholly owned subsidiary of Pluristem Therapeutics Inc. entered into an Exclusive License and Commercialization Agreement with CHA Bio&Diostech on On June 26, 2013, for conducting clinical trials and commercialization of Pluristem's PLX-PAD product in South Korea.
The trials and the commercialization will be in connection with two indications: the treatment of Critical Limb Ischemia, and Intermediate Claudication. Under the terms of the Agreement, CHA will receive exclusive rights in South Korea for conducting clinical trials with respect to the Indications, at the sole expense of CHA. Commencement of the clinical trials is conditioned upon the receipt of the necessary regulatory approvals.
If Pluristem's products receive regulatory approvals in South Korea for marketing as treatment for the Indications, the parties will form a joint venture in order to sell, distribute and market Pluristem products for treating the Indications in South Korea. The joint venture would be owned equally by CHA and Pluristem. Pluristem would own any and all intellectual property rights to the extent conceived in connection with its products and license such rights to the joint venture.
About Cha Bio&Diostech
CHA Bio&Diostech Co., Ltd. is a leading biopharmaceutical company headquartered in South Korea with R&D focus in stem cells, cell therapeutics, medical device, and new drug development. The company is a member of CHA Health Systems Group, which comprise of medical university, medical centers and hospitals located in the US and Korea with in excess of two thousand beds under care, stem cell research centers, personal & preventive medicine and bio venture divisions. CHA Bio&Diostech has multiple stem cell R&D pipelines in therapeutic areas including Stargardt's disease, age-related macular disease, Parkinson's disease, Alzheimer disease, Cerebral Palsy and glioblastoma in mid to late development stages. With seasoned experience and research infrastructure, CHA Bio&Diostech has built up multiple strategic relations with major research institutions in the field of stem cell research and infertility areas.
About Pluristem Therapeutics
Pluristem Therapeutics Inc. is a leading developer of placenta-based cell therapies. The Company's patented PLX (PLacental eXpanded) cells are a drug delivery platform that releases a cocktail of therapeutic proteins in response to a host of local and systemic inflammatory and ischemic diseases. PLX cells are grown using the company's proprietary 3D micro-environmental technology and are an "off-the-shelf" product that requires no tissue matching prior to administration. Pluristem has a strong intellectual property position, company-owned GMP certified manufacturing and research facilities, strategic relationships with major research institutions and a seasoned management team.
Source: Pluristem press release
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