Pluristem Announces Pricing of Public Offering of Common Stock on the Tel Aviv Stock Exchange
October 30 2017 - 2:45PM
Pluristem Therapeutics Inc. (NASDAQ:PSTI) (TASE:PLTR) announced
today the pricing of its previously announced public offering of
9,000,000 shares of common stock on the Tel Aviv Stock Exchange
(TASE) at a price of $1.67 (NIS 5.90) per share with expected gross
proceeds to the Company of $15.1 million.
The Company received overall orders for the
purchase of approximately 13,500,000 shares at different prices for
a total aggregate amount of approximately $21.8 million and chose
to accept orders in the aggregate amount of $15.1 million for the
9,000,000 shares offered. Due to the over subscription, the
previously reported minimum share price increased from $1.61 to
$1.67 per share.
The Company has engaged Leader Underwriters
(1993) Ltd. (“Leader”) as its advisor for the offering. Leader is
not purchasing or selling any of the shares offered in the offering
in its capacity as an advisor nor is Leader required to arrange for
the sale of any specific number or dollar amount of securities, but
has agreed to use its best efforts to arrange for the sale of the
securities offered. Zysman Aharoni Gayer and Sullivan &
Worcester LLP (ZAG/S&W) acted as counsel to Pluristem.
The closing of the offering is expected to occur
on or about October 31, 2017, subject to customary closing
conditions. The Company intends to use the net proceeds of the
offering for research and product development activities, clinical
trial activities, investment in capital equipment and for working
capital and other general corporate purposes. This press release
does not constitute an offer to sell, or a solicitation of an offer
to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such an offer, solicitation, or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The
securities described above are being offered by the Company
pursuant to an Israeli “shelf” registration statement previously
filed with the Israel Securities Authority and the Tel Aviv Stock
Exchange, an Israeli “prospectus supplement” filed with the Israel
Securities Authority and the Tel Aviv Stock Exchange on October 30,
2017 as well as pursuant to a “shelf” registration statement
previously filed with and declared effective by the Securities and
Exchange Commission (the “SEC”) on June 30, 2017. The U.S.
prospectus supplement related to the offering and the related
prospectus are expected to be filed with the SEC and copies can be
obtained by contacting the Company at MATAM Advanced Technology
Park, Building No. 5, Haifa, Israel 31905 or at
011-972-74-710-8600.
About Pluristem
Therapeutics
Pluristem Therapeutics is a leading developer of
placenta-derived cell therapy products with patented PLX
(PLacental eXpanded) cells entering late-stage trials in several
indications. Our PLX cell products each release a different range
of therapeutic proteins in response to inflammation, ischemia,
muscle trauma, hematological disorders, and radiation damage.
The cells are grown using the Company's proprietary 3D expansion
technology and can be administered to patients without tissue
matching or immunosuppression. Pluristem has Company-owned and
operated, GMP-certified manufacturing and research facilities, a
strong intellectual property position, and strategic relationships
with major research and U.S. government institutions.
Safe Harbor Statement
This press release contains express or implied
forward-looking statements within the Private Securities Litigation
Reform Act of 1995 and other U.S. Federal securities laws. For
example, Pluristem is using forward-looking statements when it
discusses the expected closing of its public offering and its
intended use of proceeds. These forward-looking statements and
their implications are based on the current expectations of the
management of Pluristem only, and are subject to a number of
factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: market risks and uncertainties and risks and
uncertainties relating to the satisfaction of customary closing
conditions for the offering of Pluristem’s securities; changes in
technology and market requirements; Pluristem may encounter delays
or obstacles in launching and/or successfully completing its
clinical trials; Pluristem’s products may not be approved by
regulatory agencies, Pluristem’s technology may not be validated as
it progresses further and its methods may not be accepted by the
scientific community; Pluristem may be unable to retain or attract
key employees whose knowledge is essential to the development of
its products; unforeseen scientific difficulties may develop with
Pluristem’s process; Pluristem’s products may wind up being more
expensive than it anticipates; results in the laboratory may not
translate to equally good results in real clinical settings;
results of preclinical studies may not correlate with the results
of human clinical trials; Pluristem’s patents may not be
sufficient; Pluristem’s products may harm recipients; changes in
legislation may adversely impact Pluristem; inability to timely
develop and introduce new technologies, products and applications;
loss of market share and pressure on pricing resulting from
competition, which could cause the actual results or performance of
Pluristem to differ materially from those contemplated in such
forward-looking statements. Except as otherwise required by law,
Pluristem undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. For a more detailed description of the risks
and uncertainties affecting Pluristem, reference is made to
Pluristem's reports filed from time to time with the SEC.
Contact:
Pluristem Therapeutics Inc.Karine Kleinhaus, MD,
MPHDivisional VP, North
America1-914-512-4109karinek@pluristem.com
Efrat KaduriInvestor and Public Relations
Manager972-74-7108600efratk@pluristem.com
Pluristem Therapeutics (NASDAQ:PSTI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pluristem Therapeutics (NASDAQ:PSTI)
Historical Stock Chart
From Apr 2023 to Apr 2024