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Corporate Venture, Pluristem to advance limb treatment in Japan

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.