Pluristem stock jumps 11% premarket after FDA grants CLI treatment fast-track designation
Shares of Israeli biotech Pluristem Therapeutics Inc. (PSTI) jumped 11% in premarket trade Monday, after the company was awarded fast-track designation by the U.S. Food and Drug Administration for a treatment for Critical Limb Ischemia, or CLI. The FDA was weighing in on a late-stage trial of PLX-PAD cells for CLI in patients who are not eligible for revascularization. In CLI, fatty deposits block arteries in the leg, reducing blood flow and causing leg pain, non-healing ulcers and gangrene. Patients suffering from the disease often require amputation or they can die. About five to six million people in the U.S. and Europe suffer from CLI, and the number is expected to grow as more patients get diabetes. Pluristem stock has fallen about 6% in 2017 through Friday to $1.34, while the S&P 500 has gained about 12%.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
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