In a June 11 research note, Dawson James analyst Jason Kolbert reported that Pluristem Therapeutics Inc. (PSTI:NASDAQ) announced the status of COVID-19-infected patients 28 days after treatment with its PLX cells.
Results are for seven patients who reached the 28-day follow-up after receiving Pluristem's PLX cells through a compassionate use program in Israel and the sole patient of an expanded access program in the U.S. When these individuals were treated, all of them were inpatients in intensive care units (ICUs), on ventilator support and suffering acute respiratory distress syndrome (ARDS) symptoms.
Kolbert highlighted that the survival rate among these treated patients at day 28 was 87.5%. Three-quarters of the patients were able to get off of mechanical ventilation, not needing it anymore, and 62.5% of them were discharged from the hospital, alive.
To date, 18 patients received PLX cells, but the remaining 10 of them have not yet reached 28 days.
Kolbert relayed that in other news, another trial commenced that is testing Pluristem's PLX-PAD as a treatment of severe, ARDS-complicated COVID-19 cases. This is a U.S.-based, a 140-patient, multicenter (up to 25 sites), randomized, double-blind, placebo-controlled, Phase 2 study in which PLX cells will be administered intramuscularly.
The trial's primary endpoint is the number of ventilator-free days the patients have during the first 28 days. The secondary endpoints are mortality, duration of mechanical ventilation, number of ICU-free days and number of hospitalization-free days.
In a third piece of news, Kolbert noted, the European Union approved €50 million in nondilutive financing for Israel-based Pluristem, which it is to use to develop its PLX platform, specifically as a treatment for COVID-19 complications. Pluristem will receive these monies in three tranches, the first of which is €20 million, as it achieves certain milestones.
Dawson James has a Buy rating and a $12 per share target price on Pluristem, the stock of which is currently trading at about $7.48 per share.
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Disclosures for Dawson James Securities, Pluristem Therapeutics, June 11, 2020
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