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Sector Update: Healthcare Lower Pre-Market; Pluristem up 6% on New Patent
9/11/2013 8:22:00 AM
By: MT Newswires
Health care stocks:
Healthcare shares are flat to lower in pre-market, while sPSTIhares in Pluristem Therapeutics ( PSTI ), which is developing placenta-based cell therapies, are up more than 6% pre-market. PSTI said it has been granted a patent by the U.S. Patent and Trademark Office covering methods to treat peripheral artery disease with placental-derived adherent stromal cells.
The treatment for PAD is one of PSTI's primary drug development areas. Based on priority date, the expected expiration date of this patent is at least until 2028.
Under the terms of the agreement, AstraZeneca will pay Merck a $50 million upfront fee. In addition Merck will be eligible to receive future payments tied to development and regulatory milestones, plus sales-related payments and tiered royalties. AstraZeneca will be responsible for all future clinical development, manufacturing and marketing.