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Stock Alert: Pluristem Therapeutics Jumps 20% On COVID-19 Treatment

Shares of Pluristem Therapeutics Inc. (PSTI) gained over 20% on Monday morning after the Israel-based biotech company said it has treated a patient suffering complications due to the novel coronavirus.

PSTI is currently trading at $8.40, $1.43 or 20.52%, on the Nasdaq.

Pluristem said it treated its first patient suffering from COVID-19 under the FDA Single Patient Expanded Access Program. Pluristem said it plans to start a multinational clinical trial as soon as possible.

The patient was treated with PLX cell therapy at Holy Name Medical Center in New Jersey. Prior to treatment with PLX, the patient was critically ill with respiratory failure due to acute respiratory distress syndrome and was under mechanical ventilation in an intensive care unit for three weeks.

"We expect to continue treating patients under compassionate use through the appropriate regulatory clearances in the United States and Israel, as well as expanding treatment under compassionate use in other countries. Our main focus remains however, the initiation of a multinational clinical study," said CEO Yaky Yanay.

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