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Three COVID-19 Patients Treated with PLX Cells
Research Report

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Two programs, one new and the other ongoing, involving Pluristem Therapeutics' regenerative products are reviewed in a Dawson James report.

In a March 30 research note, Dawson James Securities analyst Jason Kolbert reported that three high-risk COVID-19 patients were recently administered Pluristem Therapeutics Inc.'s (PSTI:NASDAQ) placental expanded (PLX) cells to evaluate the product as a potential treatment of the disease's respiratory and inflammatory components.

"We are now seeing efforts from the leading regenerative medicine companies, including Pluristem, Mesoblast and Athersys, that these cell therapy treatments may help to soften the inflammatory cascade that initiates in acute respiratory distress syndrome (ARDS) patients and contributes to mortality," Kolbert commented.

ARDS results from fluid collecting in the lungs' alveoli, or air sacs, Kolbert explained. An infection in the lungs' lobes can result from the coronavirus or pneumonia, "triggering an inflammatory cascade that causes death."

Pluristem's PLX cells, allogeneic, placenta derived and mesenchymal like, stimulate the body's regenerative mechanisms, and thereby could possibly reduce COVID-19-induced pneumonia and pneumonitis, Kolbert wrote. "Previous preclinical findings of PLX cells revealed significant therapeutic effects in animal studies of pulmonary hypertension, lung fibrosis, acute kidney injury and gastrointestinal injury, which are potential complications of the severe COVID-19 infection," he added.

The three COVID-19 patients who received Pluristem's PLX cells have severe respiratory failure and are on ventilator support, noted Kolbert. The cells were dosed to them, in two hospitals in Israel, as part of a compassionate use program for the treatment of patients with the disease. This investigative program is a collaboration between Pluristem, the Berlin Institute of Health's Center for Regenerative Therapy and the Charité Hospital's Berlin Center for Advanced Therapies.

Kolbert also highlighted that the regenerative medicine firm has a late-stage clinical program in progress that Dawson James is watching, which is evaluating PLX cells in critical limb ischemia. Topline data from Pluristem's Phase 3 trial in that indication could be available as early as next year.

Dawson James has a Buy rating and a $12 per share target price on Pluristem. The current share price is about $3.60.

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Disclosures for Dawson James Securities, Pluristem Therapeutics, March 30, 2020,

The Firm does not make a market in the securities of the subject company(s). The Firm has NOT engaged in investment banking relationships with PLURISTEM THERAPEUTICS in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject company(s). The Firm has NOT received any other compensation from the subject company(s) in the last 12 months for services unrelated to managing or co-managing of a public offering.

Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of December 31, 2019, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.

Analysts receive no direct compensation in connection with the Firm's investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.




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