Pluristem Awarded $2.9 Mln Grant By Israeli Government - Quick Facts

(RTTNews) - Pluristem Therapeutics Inc. (PSTI), a developer of placenta-based cell therapy products, said its wholly owned subsidiary, Pluristem Ltd., has been awarded 11.1 million New Israeli Shekels ($2.9 million) from the Office of the Chief Scientist of the Israeli Ministry of Economy. The grant will support R&D activities for calendar year 2015.

According to grant terms, Pluristem Ltd. is required to pay royalties of 3 - 4 percent on sales of products and services derived from technology developed using this and other such grants until 100 percent of the dollar-linked grants amount plus interest are repaid. In the absence of such sales, no payment is required.