Pluristem Therapeutics Inc.(NASDAQ:PSTI) said on Friday it has received a nod from the Indian Ministry of Health to proceed with a Phase II clinical trial for the treatment of thromboangiitis obliterans or Buerger's disease.
Buerger's disease affects about 45 to 63 percent of the patients in India who have peripheral artery disease (PAD), the prevalence being particularly high among smokers.
PAD afflicts an estimated 20 million people in India, which translates into approximately 11 million Indians suffering from Buerger's disease.
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Pluristem is develops placenta-based cell therapies. This Phase II trial will be potentially followed by a larger multi-national Phase III study in the U.S., Europe and India.
"We are very excited to begin this Phase II study for the treatment of Buerger's Disease in India," said Zami Aberman, Chairman, President and CEO of Pluristem.
"The information gathered in this trial will be a valuable step towards our goal of successfully developing a PLX cell-based product for the treatment of the entire spectrum of peripheral vascular diseases."
Shares in the company were trading up 4.6 percent at $4.97.
Meanwhile video ringtone firm Vringo, Inc.(AMEX:VRNG) got a favourable ruling from a U.S. district court judge in a patent lawsuit against a handful of major companies.
Last year a company called Innovate/Protect had fled a patent suit against AOL, Google, IAC/InterActiveCorp, Gannett and Target Co. The company which had acquired eight patents from Lycos claimed that two of them were infringed.
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Vringo recently completed a merger with Innovate.
The judge at that time had ruled in favour of Vringo and the defendants had appealed. On Thursday, the judge largely upheld the previous ruling.
Shares in Vringo were down marginally at $3.17.