Pluristem Therapeutics Inc. is establishing a new joint venture company with Corporate Venture Capital Ltd. to develop and commercialize its PLX-PAD cell therapy in Japan.
The parties have signed a binding term sheet and expect to reach a definitive agreement by March 31, 2017, under which Corporate Venture's investment fund Sosei RMF1 will invest $11 million for a 65% stake.
Corporate Venture itself is part of the Sosei Group Corp.
PLX-PAD is currently being developed for the treatment of critical limb ischemia, a severe obstruction of arteries that leads to severe pain and skin ulcers or sores on hands, feet and legs.
The treatment has been approved for clinical trial in Japan.