Under the supervision of the Korea Food & Drug Administration (KFDA), Cha will carry out and fund multiple clinical trials in South Korea to treat CLI and IC using PLX-PAD, as per the terms of the deal.
Both firms have also agreed to set up a joint venture (JV), once KFDA approves production of PLX in South Korea, and the JV will focus to commercialize PLX cell products in the country.
Cha will conduct and fund multiple peripheral artery disease clinical trials and invest $10m valued at $4 per share into Pluristem through a share exchange agreement.
Retaining rights to its proprietary manufacturing technology and cell-related intellectual property, Pluristem will also use the data generated by Cha for the development of PLX product candidates outside of South Korea.
Pluristem CEO Zami Aberman said that the alliance will offer multiple opportunities to strengthen its pipeline and develop PLX cells products for new indications.
"The co-owned joint venture will take advantage of Cha’s unique and leading position in regenerative medicine in South Korea and Pluristem’s proprietary 3D cells culturing capabilities," Aberman added.