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<SEC-DOCUMENT>0001178913-08-002073.txt : 20080806
<SEC-HEADER>0001178913-08-002073.hdr.sgml : 20080806
<ACCEPTANCE-DATETIME>20080806172533
ACCESSION NUMBER:		0001178913-08-002073
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20080806
DATE AS OF CHANGE:		20080806

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PLURISTEM THERAPEUTICS INC
		CENTRAL INDEX KEY:			0001158780
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				980351734
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-151761
		FILM NUMBER:		08995884

	BUSINESS ADDRESS:	
		STREET 1:		MATAM ADVANCED TECHNOLOGY PARK
		STREET 2:		BUILDING NO. 20
		CITY:			HAIFA
		STATE:			L3
		ZIP:			31905
		BUSINESS PHONE:		972-4-850-1080

	MAIL ADDRESS:	
		STREET 1:		MATAM ADVANCED TECHNOLOGY PARK
		STREET 2:		BUILDING NO. 20
		CITY:			HAIFA
		STATE:			L3
		ZIP:			31905

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PLURISTEM LIFE SYSTEMS INC
		DATE OF NAME CHANGE:	20030701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AI SOFTWARE INC
		DATE OF NAME CHANGE:	20010906
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>zk85647.htm
<TEXT>
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        F:\EDGAR Filing\Pluristem Therapeutics Inc\85647\a85647.eep      -->
     <!-- Control Number: 85647                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Pluristem Therapeutics Inc                                       -->
     <!-- Project Name:   424B5                                                            -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>424B5</TITLE>
</HEAD>
<BODY>

<!-- MARKER FORMAT-SHEET="Scotch Rule Top-TNR" FSL="Workstation" -->
<HR ALIGN=LEFT WIDTH=100% SIZE=4 NOSHADE STYLE="margin-top: -5px">
<HR ALIGN=LEFT WIDTH=100% SIZE=1 NOSHADE STYLE="margin-top: -10px">

<P ALIGN=RIGHT><FONT SIZE=2><B>Filed
Pursuant to Rule 424(b)(5) </B></FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>Registration
No.&nbsp;333-151761 </B></FONT></P>

<P><FONT SIZE=2>PROSPECTUS SUPPLEMENT<BR>
(to prospectus dated July
1, 2008)</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH=50% VALIGN=TOP>
<P><FONT SIZE=2>1,391,304 shares of common
  stock<BR>
  Warrants to purchase 695,652 shares of common stock <BR>
  <BR>
  Price per share: $1.15<BR>
  Exercise price of warrants: $1.90 per share of common stock<BR></FONT></P>
</TD>
<TD WIDTH=50% VALIGN=TOP>
<P ALIGN=RIGHT><IMG SRC="img101.jpg" ALT="[PLURISTEM THERAPEUTICS INC. LOGO]"></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Pluristem Therapeutics Inc. is offering for sale
1,391,304 shares of its common stock and warrants to purchase up to 695,652
shares of common stock pursuant to this prospectus supplement and related
prospectus attached hereto.  We use the
term, this Prospectus, to mean this prospectus supplement and the accompanying
prospectus, including the information incorporated by reference herein. This
Prospectus also covers the shares of common stock issuable upon exercise of the
warrants. Warrants may be purchased only together with shares of common stock
but may be subsequently transferred separately.  A warrant to purchase 0.5 share of common stock will be issued
together with each share purchased.  The
shares and the warrants are sometimes referred to as units. </FONT></P>

<P><FONT SIZE=2>The last reported sale price on the Nasdaq Capital Market of our common stock on
August 5, 2008 was $1.63 per share, and the closing bid price was $1.58 per
share.</FONT></P>

<P><FONT SIZE=2>Common stock trading symbols:  Nasdaq Capital Market: PSTI.  Frankfurt Stock Exchange: PJT.</FONT></P>

<P><FONT SIZE=2><B>This investment involves a high degree of risk.&nbsp; See
&#147;Risk Factors&#148; beginning on page S-4, as well as the section called &#147;Risk
Factors&#148; beginning on page 13 of our Annual Report on Form 10-KSB for our 2007
fiscal year filed with the Securities and Exchange Commission and incorporated
by reference into the accompanying prospectus. </B></FONT></P>

<P><FONT SIZE=2><B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these securities, or
determined if this prospectus supplement or the accompanying prospectus is
truthful or complete.&nbsp; Any representation to the contrary is a criminal
offense.</B></FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="57%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Per&nbsp;Warrant</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Per&nbsp;Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Exercise&nbsp;Share</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1><B>Total</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN="2" VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Public offering
  price for shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1,600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Placement agency
  fees</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>6</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>%</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2   FACE=SYMBOL>-</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>96,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Public offering
  price (exercise price) for warrant exercise shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#150;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1.90</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1,321,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT   SIZE=2>Total proceeds,
  before expenses, to Pluristem Therapeutics Inc. from both shares and warrant
  exercise shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,600,000</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,321,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,921,739</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Delivery of the units will be made on or about August
8, 2008.&nbsp; </FONT></P>

<P><FONT SIZE=2>Rodman &amp; Renshaw, LLC is acting as placement agent
in the offering of units. Because there is no minimum offering amount required
as a condition to closing in the offering of units, the placement agency fees
and net proceeds to us, if any, in this offering may be less than the offering
amounts set forth above.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=3><B>Rodman &amp; Renshaw LLC</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>The date of this
prospectus supplement is August 6, 2008.</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>TABLE OF CONTENTS</FONT></P>

<P><FONT SIZE=2>PROSPECTUS SUPPLEMENT</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1><B>Page</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A101">ABOUT THIS PROSPECTUS SUPPLEMENT</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A102">THE OFFERING</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A103">RISK FACTORS</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A104">USE OF PROCEEDS</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A105">DILUTION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-5</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A106">PLAN OF DISTRIBUTION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-6</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A107">DESCRIPTION OF WARRANTS</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-7</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#A108">LEGAL MATTERS</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>S-9</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>PROSPECTUS</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1><B>Page</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>ABOUT THIS PROSPECTUS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>OUR COMPANY</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>RISK FACTORS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>USE OF PROCEEDS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>THE SECURITIES WE MAY OFFER</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>DESCRIPTION OF COMMON STOCK</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>DESCRIPTION OF WARRANTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>PLAN OF DISTRIBUTION</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>VALIDITY OF SECURITIES</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>EXPERTS</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>WHERE YOU CAN FIND MORE INFORMATION</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>INCORPORATION OF DOCUMENTS BY REFERENCE</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>You should rely only on the information contained in
or incorporated by reference into this prospectus supplement and the
accompanying prospectus.&nbsp; We have not authorized anyone to provide you
with different information.&nbsp; If anyone provides you with different or
inconsistent information, you should not rely on it.&nbsp; We are not making an
offer to sell these securities in any jurisdiction where the offer or sale is
not permitted.&nbsp; The information in this prospectus supplement and the
accompanying prospectus is accurate only as of the date it is presented.&nbsp;
Our business, financial condition, results of operations and prospects may have
changed since these dates.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-2</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><A NAME=A101></A><FONT SIZE=2>ABOUT
THIS PROSPECTUS SUPPLEMENT</FONT></P>

<P><FONT SIZE=2>This prospectus supplement and the accompanying
prospectus dated July 1,
2008 are part of a &#147;shelf&#148; registration statement on Form S-3 filed with the
Securities and Exchange Commission, and declared effective by the Securities
and Exchange Commission on July 1, 2008. By using a &#147;shelf&#148; registration
statement, we may sell shares of common stock and warrants to purchase common
stock as described in the accompanying prospectus from time to time in one or
more offerings up to a total of $15,000,000.&nbsp;
We have not previously sold any securities pursuant to the registration
statement.</FONT></P>

<P><FONT SIZE=2>These documents contain important information you
should consider when making your investment decision.&nbsp; The accompanying
prospectus provides you with a general description of the securities we may
offer.&nbsp; This prospectus supplement contains information about the
securities offered by this prospectus supplement.&nbsp; This prospectus
supplement may add, update or change information in the accompanying
prospectus.&nbsp; You should rely only on the information contained in this
prospectus supplement, the accompanying prospectus or incorporated by reference
into this prospectus supplement and the accompanying prospectus.&nbsp; We have
not authorized anyone to provide you with any other information.</FONT></P>

<P><FONT SIZE=2>This prospectus supplement does not constitute an
offer to sell, or a solicitation of an offer to buy, the securities offered
hereby in any jurisdiction where, or to any person to whom, it is unlawful to
make such offer or solicitation.</FONT></P>

<P><FONT SIZE=2>The information contained in this prospectus
supplement is accurate only as of the date of this prospectus supplement and
the accompanying prospectus, regardless of the time of delivery of this
prospectus or of any sale of securities.</FONT></P>

<P ALIGN=CENTER><A NAME=A102></A><FONT SIZE=2>THE
OFFERING</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="47%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="48%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Common stock and warrants offered by us pursuant to
  this prospectus</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>1,391,304 shares,
  plus warrants to purchase 695,652 shares. This prospectus also covers the
  shares of common stock issuable upon exercise of the warrants offered hereby.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Common stock outstanding as of March 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>6,750,698  shares</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Warrants outstanding as of March 31, 2008</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Warrants to purchase 2,635,202 shares at a weighted
  average purchase price of $6.08</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Common stock to be outstanding after this offering
  (pro forma as of March 31, 2008 excluding outstanding warrants to purchase
  2,635,202 shares with a weighted average exercise price of $6.08)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>8,142,002 shares, or 8,837,654 shares if the
  warrants sold in this offering are fully exercised (1)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Common stock to be outstanding after this offering
  (pro forma as of March 31, 2008 including outstanding warrants to purchase
  2,635,202 shares with a weighted average exercise price of $6.08)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>10,777,204 shares, or 11,472,856 shares if the
  warrants sold in this offering are fully exercised (1)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Terms of warrants offered by us pursuant to this
  prospectus</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Five year term commencing 6 months after issuance, $1.90 per share exercise price</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Use of proceeds</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>We intend to use the net proceeds from this offering
  to fund clinical trials, as well as related pre-clinical research and other
  research and development expenses and for general working capital and
  administrative expenses. See &#147;Use of Proceeds&#148; on page S-4.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Nasdaq Capital Market common stock symbol</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>PSTI</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Risk factors</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>This investment involves a high degree of risk. See
  &#147;Risk Factors&#148; on page S-4 of this prospectus supplement and in our last
  Annual Report on Form 10-K filed with the SEC.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>(1)  The number
of shares of common stock to be outstanding after this offering excludes&nbsp; options outstanding on March 31,
2008 to purchase a total of 1,910,273
shares at a weighted-average exercise price of $5.27 per share.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-3</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><A NAME=A103></A><FONT SIZE=2>RISK
FACTORS</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
in our common stock and/or warrants involves a high degree of risk. Before
making an investment decision, you should carefully consider the risks and
uncertainties described below, together with all of the other information
appearing in the accompanying prospectus or incorporated by reference therein,
in light of your particular investment objectives and financial circumstances
before you invest in our securities. In particular, we urge you to read the
material under &#147;Risk Factors&#148; beginning on page 13 of our Annual Report on Form 10-KSB
for our 2007 fiscal year, as filed with the Securities and Exchange Commission.
If any of these risks actually occurs, our business, financial condition,
results of operations and future growth prospects would be materially adversely
affected. The trading price of our securities could decline due to any of these
risks, and you may lose all or part of your investment. This prospectus, any
prospectus supplement and the information incorporated by reference into this
prospectus and any prospectus supplement also contain forward-looking
statements that involve risks and uncertainties. Our actual results could
differ materially from those anticipated in these forward-looking statements as
a result of certain factors, including the risks so mentioned. Please note the
following additional risk factor.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflict
with Prior Financing Agreement</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our subscription agreement for our May 2007 equity financing (the &#147;Prior
Financing Agreement&#148;), there is a provision that requires us for a period of
four years (subject to acceleration under certain circumstances) not to sell
any of our common stock for less than $.0125 per share.  The Prior Financing Agreement provides that
any sale below that number must be preceded by a consent from each purchaser in
the placement. Since that date, we have effected a one-for-200 reverse stock
split.  </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have decided to proceed with this offering notwithstanding this provision for
the following reasons:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The agreement does not contain any provisions for
  the adjustment of the specified minimum price in the event of stock splits
  and the like.  If such agreement were
  to have contained such a provision, the floor price would be $2.50, which is
  more than the offering price of this offering. </FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The majority of purchasers in the private placement
  have sold the stock purchased in the placement, and thus the number of
  purchasers whose consent is purportedly required has been substantially
  reduced. The number of shares outstanding as to which this provision
  currently applies according the information supplied by our transfer agent is
  1,900,838 shares.</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>An agreement that prevents our Board of Directors
  from issuing shares that are necessary to finance our business may be
  unenforceable.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Even if the agreement were considered enforceable
  and the share price number were to be adjusted for our reverse stock split,
  we believe that there would be no damage from this offering to the holders of
  our shares whose consent is purportedly required. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event that a court were to hold that the issuance of shares below $2.50 per
share would violate the Prior Financing Agreement, it is unclear what remedy
the court might impose.  If the court
were to impose a remedy that would be the equivalent of an anti-dilution
provision (which is not contained in the Prior Financing Agreement), any
issuance of shares would be dilutive to our shareholders, including those who
purchase shares in the current offering.</FONT></P>

<P ALIGN=CENTER><A NAME=A104></A><FONT SIZE=2>USE
OF PROCEEDS</FONT></P>

<P><FONT SIZE=2>The proceeds we will receive from the offering of
units will be $1.6 million, before deducting the placement agency fee and
estimated offering expenses payable by us and excluding any proceeds from the
potential exercise of warrants offered hereby.</FONT></P>

<P><FONT SIZE=2>We intend to use the net proceeds from the offering of
units to fund clinical trials of our products, as well as for related
pre-clinical research and other research and development expenses and for
general working capital and administrative expenses. The amounts and timing of
the expenditures may vary significantly depending on numerous factors, such as
the progress of our clinical trials and other research and development efforts,
technological advances and the competitive environment for our products. Although
we have no specific agreements, commitments or understandings with respect to
any acquisition, we evaluate acquisition opportunities and engage in related
discussions with other companies from time to time.&nbsp; Pending the use of
the net proceeds, we intend to invest the net proceeds in short-term,
interest-bearing, investment-grade securities.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-4</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Our management will have broad discretion in the
application of the net proceeds and investors will be relying upon the judgment
of our management regarding the application of these proceeds.&nbsp; We reserve
the right to change the use of these proceeds. Depending upon the timing of
receipt of any warrant exercise shares proceeds, we would use such proceeds for
such corporate purposes as our management and Board of Directors may approve at
the time. Such purposes may be different from today&#146;s purposes.</FONT></P>

<P ALIGN=CENTER><A NAME=A105></A><FONT SIZE=2>DILUTION</FONT></P>

<P><FONT SIZE=2>If you purchase our common stock in this offering
(either as a component of units or upon warrant exercise), your interest will
be diluted to the extent of the difference between the public offering price
per share and the net tangible book value per share of our common stock after
this offering.&nbsp; We calculate net tangible book value per share by dividing
the net tangible book value, tangible assets less total liabilities, by the
number of outstanding shares of our common stock.</FONT></P>

<P><FONT SIZE=2>Our net tangible book value at March 31, 2008, was
$4.1 million, or $0.60  per share, based
on 6,750,698  shares of our common stock outstanding
as of that date.&nbsp; After giving effect to the sale of 1,391,304 shares of common stock by us
at a public offering price of $1.15&nbsp;per share, less the placement agency
fees, our net tangible book value as of March 31, 2008 would have been
approximately $5.7 million, or
$0.70 per share.&nbsp; This represents an immediate increase in the net
tangible book value of approximately $0.10 per share to existing stockholders
and an immediate dilution of $0.45&nbsp;per share to investors in this
offering. The following table illustrates this per share dilution:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
<TR style="font-size:1px">
<TD WIDTH="75%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Public offering price per share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1.15</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net tangible book value per share as of March 31,
  2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Increase in net tangible book value per share after
  this offering</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.10</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net tangible book value per share after this
  offering</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0.70</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Dilution per share to new investors</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.45</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The foregoing per share dilution does not give effect
to the potential exercise of the warrants offered hereby.
<BR><BR>
Assuming the sale of all units offered hereby and also
the exercise of all warrants within such units, the per share dilution would be
as follows:</FONT></P>

<P><FONT SIZE=2>Our net tangible book value at March 31, 2008, was
$4.1 million or $0.60 per share, based on 6,750,698shares of our common stock
outstanding as of that date.&nbsp; After giving effect to the sale of &nbsp;2,086,956&nbsp;shares of common stock
(inclusive of 695,652 warrant exercise shares) by us at a blended
public offering price of $1.40 per
share, less the placement agency fees, our net tangible book value as of March
31, 2008, would have been approximately $6.8 million, or $0.77 per share.&nbsp;
This represents an immediate increase in the net tangible book value of
approximately $0.17 per share to existing stockholders and an immediate
dilution of $0.63&nbsp;per share to investors in this offering. The following
table illustrates this per share dilution:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="80%">
<TR style="font-size:1px">
<TD WIDTH="75%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="7%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Public offering price per share</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>1.40</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net tangible book value per share as of March 31,
  2008</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0.60</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Increase in net tangible book value per share after
  this offering</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.17</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net tangible book value per share after this
  offering</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>0.77</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>Dilution per share to new investors</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.63</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#CCEEFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=GRAY ALIGN=CENTER>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>S-5</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><A NAME=A106></A><FONT SIZE=2>PLAN
OF DISTRIBUTION</FONT></P>

<P><FONT SIZE=2>We have entered into a placement agency agreement,
dated as of July 31, 2008, with Rodman &amp; Renshaw, LLC. Subject to the terms
and conditions contained in the placement agency agreement, Rodman &amp;
Renshaw LLC has agreed to act as the placement agent in connection with the
sale of up to 1,391,304 units. The placement agent is not purchasing or selling
any securities by this prospectus supplement and the accompanying prospectus,
nor is it required to arrange the purchase or sale of any specific number or
dollar amount of the securities, but it has agreed to use its best efforts to
arrange for the sale of all of the securities in this offering. There is no
required minimum number of securities that must be sold as a condition to
completion of the offering.</FONT></P>

<P><FONT SIZE=2>The placement agency agreement provides that the
obligations of the placement agent and the purchasers are subject to certain
conditions precedent, including, among other things, the absence of any
material adverse change in our business and the receipt of certain customary
opinions, letters and closing certificates.</FONT></P>

<P><FONT SIZE=2>We will enter into purchase agreements directly with
purchasers in connection with this offering, and we will only sell to
purchasers who have entered into purchase agreements. We currently anticipate
that the closing of the sale of the units offered hereby will take place on or
before August 8, 2008.</FONT></P>

<P><FONT SIZE=2>Upon closing, we will deliver to each purchaser
delivering funds the number of shares purchased by such purchaser through the
facilities of The Depository Trust Company and will deliver a physical warrant
certificate to each Purchaser within three business days.</FONT></P>

<P><FONT SIZE=2>We have agreed to pay the placement agent an aggregate
fee equal to 6.0% of the gross proceeds from the sale of units in this
offering. We are not obligated to pay the placement agent any additional fee
when and if the warrants are exercised. In addition, we have agreed to pay the
fees, disbursements and other charges of counsel to the placement agent in an
amount equal to 0.8% of gross proceeds, but not to exceed $25,000. In addition,
we agreed to grant compensation warrants to the placement agent to purchase a
number of our common stock shares equal to
6.0% of the number of shares of common stock sold by us in the offering.
The compensation  warrants  will
be substantially on the same terms as the warrants offered hereby,
except that the compensation
warrants will have an exercise price equal to $1.44 per share, will expire five
years from the date of this Prospectus Supplement, and will otherwise comply
with Financial Institutions Regulatory Authority, or FINRA, Rule 2710(g)(1) in that for a period
of six months after the issuance date of the compensation warrants (which shall
not be earlier than the closing date of the offering pursuant to which the
compensation warrants are being issued), neither the compensation warrants nor
any warrant shares issued upon exercise of the compensation warrants shall be
sold, transferred, assigned, pledged, or hypothecated, or be the subject of any
hedging, short sale, derivative, put, or call transaction that would result in
the effective economic disposition of the securities by any person for a period
of 180 days immediately following the date of effectiveness or commencement of
sales of the offering pursuant to which the compensation warrants are being
issued, except the transfer of any security:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>i.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>by operation of law or by
  reason of reorganization of the Company;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>ii.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>to any FINRA member firm
  participating in this offering and the officers or partners thereof, if all
  securities so transferred remain subject to the lock-up restriction described
  above for the remainder of the time period;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>iii.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>if the aggregate amount of
  securities of the Company held by Rodman &amp; Renshaw, LLC or related person
  do not exceed 1% of the securities being offered;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>iv.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>that is beneficially owned
  on a pro-rata basis by all equity owners of an investment fund, provided that
  no participating member manages or otherwise directs investments by the fund,
  and participating members in the aggregate do not own more than 10% of the
  equity in the fund; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>v.</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the exercise or conversion
  of any security, if all securities received remain subject to the lock-up
  restriction set forth above for the remainder of the time period.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Pursuant to a requirement by FINRA, the maximum
commission or discount to be received by any FINRA member or independent
broker/dealer may not be greater than 8.0% of the gross proceeds received by us
for the sale of any securities being registered pursuant to SEC Rule 415.
Assuming that all of the securities offered hereby are sold, the placement
agent&#146;s fee will be $96,000.
Because there is no minimum offering amount required as a condition to
closing in this offering, however, the actual total offering fees, if any, are
not presently determinable and may be substantially less than such amount. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-6</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>We have agreed to indemnify the placement agent
against certain liabilities, including civil liabilities under the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended,
and to contribute to payments that the placement agent may be required to make
in respect of those liabilities.</FONT></P>

<P><FONT SIZE=2>The placement agent has informed us that it will not
engage in over-allotment, stabilizing transactions or syndicate covering
transactions in connection with this offering.</FONT></P>

<P><FONT SIZE=2>The transfer agent for our common stock is American
Stock Transfer &amp; Trust Company, Brooklyn, New York.</FONT></P>

<P><FONT SIZE=2>Our common stock is traded on the Nasdaq Capital
Market and the Frankfurt Stock Exchange under the symbols &#147;PSTI&#148; and &#147;PJT&#148;,
respectively.</FONT></P>

<P><FONT SIZE=2>The placement agent may distribute this prospectus
supplement and the accompanying prospectus electronically.</FONT></P>

<P><FONT SIZE=2>The placement agency agreement will be included as an
exhibit to a Current Report on Form 8-K that we will file with the SEC and that
will be incorporated by reference into the registration statements of which
this prospectus supplement forms a part.</FONT></P>

<P><FONT SIZE=2>From time to time in the ordinary course of its
business, the placement agent or its affiliates may in the future engage in
investment banking, commercial banking and/or other services with us and our
affiliates for which it may in the future receive customary fees and expenses.</FONT></P>

<P ALIGN=CENTER><A NAME=A107></A><FONT SIZE="2"><B>DESCRIPTION
OF WARRANTS</B> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
warrants to be issued in this offering represent the right to purchase up to
695,652 shares of common stock at an initial exercise price of $1.90 per share.
Each warrant may be exercised at any time and from time to time on or after
February 6, 2009 and through and including February 5, 2014.</FONT></P>

<P><FONT SIZE=2><B>Exercise</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders
of the warrants may exercise their warrants to purchase shares of our common
stock on or before the expiration date by delivering (i)&nbsp;an exercise
notice, appropriately completed and duly signed, and (ii)&nbsp;if such holder
is not utilizing the cashless exercise provisions, payment of the exercise
price for the number of shares with respect to which the warrant is being
exercised. Warrants may be exercised in whole or in part, but only for full
shares of common stock, and any portion of a warrant not exercised prior to the
expiration date shall be and become void and of no value. We provide certain
rescission, compensation and buy-in rights to a holder if we fail to deliver
the shares of common stock underlying the warrants by the third trading day
after delivery to us of the exercise notice. With respect to the rescission
rights, the holder has the right to rescind the exercise. The buy-in rights
apply if after such third trading day the holder purchases (in an open market
transaction or otherwise) shares of our common stock to deliver in satisfaction
of a sale by the holder of the warrant shares that the holder anticipated
receiving from us upon exercise of the warrant. In this event, we will:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="3%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="97%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>pay cash to the holder in an amount equal to the
  excess (if any) of the buy-in price over the product of (A)&nbsp;such number
  of shares of common stock, times (B)&nbsp;the price at which the sell order
  giving rise to holder&#146;s purchase obligation was executed;&nbsp;and</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT size=2>&nbsp;</FONT></P>
</TD>
</TR>


<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2  FACE="symbol">&#183;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>at the election of holder, either (A)&nbsp;reinstate
  the portion of the warrant as to such number of shares of common stock, or
  (B)&nbsp;deliver to holder a certificate or certificates representing such
  number of shares of common stock.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the warrant holders are entitled to a &#147;cashless exercise&#148; option if,
at any time of exercise, there is no effective registration statement registering,
or no current prospectus available for, the issuance or resale of the shares of
common stock underlying the warrants. This option entitles the warrant holder
to elect to receive fewer shares of common stock without paying the cash
exercise price. The number of shares to be issued would be determined by a
formula based on the total number of shares with respect to which the warrant
is being exercised, the volume weighted average of the prices per share of our
common stock on the trading date immediately prior to the date of exercise and
the applicable exercise price of the warrants.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-7</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
shares of common stock issuable on exercise of the warrants will be, when
issued in accordance with the warrants, duly and validly authorized, issued and
fully paid and non-assessable. We will authorize and reserve at least that
number of shares of common stock equal to the number of shares of common stock
issuable upon exercise of all outstanding warrants.</FONT></P>

<P><FONT SIZE=2><B>Delivery
of Certificates</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the holder&#146;s exercise of a warrant, we will promptly, but in no event later
than three trading days after the exercise date, issue and deliver, or cause to
be issued and delivered, a certificate for the shares of common stock issuable
upon exercise of the warrant. In addition, we will, if the holder provides the
necessary information to us, issue and deliver the shares electronically
through The Depository Trust&nbsp;Corporation through its Deposit Withdrawal
Agent Commission System or another established clearing corporation performing
similar functions.</FONT></P>

<P><FONT SIZE=2><B>Certain
Adjustments</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price and the number of shares of common stock purchasable upon the
exercise of the warrants are subject to adjustment upon the occurrence of the
following events:</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Dividends and Splits</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time while the warrant is outstanding, we (i) pay a stock dividend or
otherwise make a distribution on shares of common stock or any other equity or
equity equivalent securities payable in shares of common stock, (ii) subdivide
outstanding shares of common stock into a larger number of shares, (iii)
combine outstanding shares of common stock into a smaller number of shares, or
(iv) issue by reclassification of common stock any shares of capital stock,
then in each such case the exercise price shall be multiplied by a fraction of
which the numerator shall be the number of shares of common stock outstanding
immediately before such event and of which the denominator shall be the number
of shares of common stock outstanding immediately after such event, and the
number of shares issuable upon exercise of this Warrant shall be
proportionately adjusted such that the aggregate exercise price of the warrant
shall remain unchanged.  </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsequent
Rights Offerings</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time while the warrant is outstanding, we issue rights, options or
warrants to all holders of our common stock entitling them to purchase our
common stock at a price per share less than the volume weighted average price
on the date of the issuance of such rights, options or warrants, then the
exercise price shall be multiplied by a fraction, of which the denominator
shall be the number of shares of common stock outstanding on the date of
issuance of such rights or warrants plus the number of additional shares of
common stock offered for subscription or purchase, and of which the numerator
shall be the number of shares of common stock outstanding on the date of
issuance of such rights or warrants plus the number of shares which the aggregate
offering price of the total number of shares so offered would purchase at such
volume weighted average price.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pro
Rata Distributions</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time while the warrant is outstanding, we distribute evidences of our
indebtedness or assets or rights or warrants to purchase any security other
than our common stock to all holders of our common stock, then the exercise
price will adjust pursuant to a volume weighted average price based ratio.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Fundamental
Transaction</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If,
at any time while the warrant is outstanding, we (i)&nbsp;consolidate or merge
with or into another corporation, (ii)&nbsp;sell all or substantially all of
our assets or (iii)&nbsp;are subject to or complete a tender or exchange offer
pursuant to which holders of our common stock are permitted to tender or
exchange their shares for other securities, cash or property, (iv)&nbsp;effect
any reclassification of our common stock or any compulsory share exchange
pursuant to which our common stock is converted into or exchanged for other securities,
cash or property, each, a Fundamental Transaction, then the holders shall have
the right thereafter to receive, upon exercise of the warrant, the same amount
and kind of securities, cash or property as it would have been entitled to
receive upon the occurrence of such Fundamental Transaction if it had been,
immediately prior to such Fundamental Transaction, the holder of the number of
warrant shares then issuable upon exercise of the warrant, or Alternate
Consideration. Any successor to us, surviving entity or the corporation
purchasing or otherwise acquiring such assets shall assume the obligation to
deliver to the holder such Alternate Consideration as the Holder may be
entitled to purchase, and the other obligations under the warrant.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-8</FONT></P>

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<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of certain Fundamental Transactions, the holders of the warrants will
be entitled to receive, in lieu of our common stock and at the holders&#146; option,
cash in an amount equal to the value of the remaining unexercised portion of
the warrant on the date of the transaction determined using a Black-Scholes
option pricing model with an expected volatility equal to the 100&nbsp;day
historical price volatility obtained from Bloomberg L.P. as of the trading day
immediately prior to the public announcement of the transaction.</FONT></P>

<P><FONT SIZE=2><B>Notice
of Corporate Action</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
will provide notice to holders of the warrants to provide such holders with a
practical opportunity to exercise their warrants and hold common stock in order
to participate in or vote on the following corporate events if we (i) declare a
dividend on the common stock, (ii) declare a special nonrecurring cash dividend
on or a redemption of the common stock, (iii) authorize the granting to all
holders of the common stock rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (iv) require the
approval of any stockholders in connection with any reclassification of the
common stock, any consolidation or merger to which we are a party, any sale or
transfer of all or substantially all of our assets, any compulsory share
exchange whereby the common stock is converted into other securities, cash or
property, or (v) authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company.</FONT></P>

<P><FONT SIZE=2><B>Limitations
on Exercise</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
number of warrant shares that may be acquired by the holder upon any exercise
of the warrant shall be limited to the extent necessary to insure that,
following such exercise (or other issuance), the total number of shares of common
stock then beneficially owned by such holder and its affiliates and any other
persons whose beneficial ownership of common stock would be aggregated with the
holder&#146;s for purposes of Section&nbsp;13(d) of the Exchange Act, does not
exceed 4.99% of the total number of issued and outstanding shares of common
stock (including for such purpose the shares of common stock issuable upon such
exercise), or Beneficial Ownership Limitation. The holder may elect to change
the Beneficial Ownership Limitation from 4.99% to 9.9% of the total number of
issued and outstanding shares of common stock (including for such purpose the
shares of common stock issuable upon such exercise) upon 61&nbsp;days&#146; prior
written notice.</FONT></P>

<P><FONT SIZE=2><B>Additional
Provisions</B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
above summary of certain terms and provisions of the warrants is qualified in
its entirety by reference to the detailed provisions of the warrants, the form
of which will be filed as an exhibit to a current report on Form&nbsp;8-K that
will be incorporated herein by reference. We are not required to issue
fractional shares upon the exercise of the warrants. No holders of the warrants
will possess any rights as a stockholder under those warrants until the holder
exercises those warrants. The warrants may be transferred independent of the common
stock they were issued with, on a form of assignment, subject to all applicable
laws.</FONT></P>

<P ALIGN=CENTER><A NAME=A108></A><FONT SIZE=2><B>LEGAL MATTERS</B></FONT></P>

<P><FONT SIZE=2>The validity of the securities offered by this
prospectus supplement has been passed upon for us by Zysman, Aharoni, Gayer
&amp; Co./Sullivan &amp; Worcester LLP, Boston, Massachusetts.  The placement agent is being represented in
connection with this offering by Feldman Weinstein &amp; Smith, New York, New
York.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>S-9</FONT></P>

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<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<P ALIGN=CENTER><FONT  SIZE=2><IMG SRC="img102.jpg" ALT="[PLURISTEM THERAPEUTICS INC. LOGO]"></FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>$15,000,000</FONT></P>

<P ALIGN=CENTER><FONT SIZE="3">PLURISTEM THERAPEUTICS INC. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>Common Stock <BR>
Warrants</FONT></P>

<P><FONT SIZE=2>We may from
time to time sell common stock and warrants to purchase common stock in one or
more offerings for an aggregate initial offering price of $15,000,000. We refer
to the common stock and the warrants to purchase common stock collectively as
the securities. This prospectus describes the general manner in which our
securities may be offered using this prospectus. We will specify in an
accompanying prospectus supplement the terms of the securities to be offered
and sold. We may sell these securities to or through underwriters or dealers,
directly to purchasers or through agents. We will set forth the names of any
underwriters, dealers or agents in an accompanying prospectus supplement. </FONT></P>

<P><FONT SIZE=2>Our common
stock is traded on the NASDAQ Capital Market under the symbol &#147;PSTI&#148; </FONT></P>

<P><FONT SIZE=2>Investing in
our securities involves risks. See &#147;Risk Factors&#148; on page&nbsp;3 of this
prospectus. </FONT></P>

<P><FONT SIZE=2>Neither the
Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a criminal
offense. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>This
prospectus is dated July 1, 2008. </FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT  SIZE=2>TABLE OF CONTENTS</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR style="font-size:1px">
  <TD WIDTH="94%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="6%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B101">ABOUT THIS PROSPECTUS</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>2 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B102">OUR COMPANY</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>3 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B103">RISK FACTORS</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>3 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B104">SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B105">USE OF PROCEEDS</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B106">THE SECURITIES WE MAY OFFER</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B107">DESCRIPTION OF COMMON STOCK</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B108">DESCRIPTION OF WARRANTS</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>4 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B109">PLAN OF DISTRIBUTION</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>6 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B110">VALIDITY OF SECURITIES</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>8 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B111">EXPERTS</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>8 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B112">WHERE YOU CAN FIND MORE INFORMATION</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>8 </FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=2><A HREF="#B113">INCORPORATION OF DOCUMENTS BY REFERENCE</A></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=RIGHT><FONT SIZE=2>8 </FONT></P>
  </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>You should
rely only on the information contained in this prospectus and the documents
incorporated by reference in this prospectus or to which we have referred you.
We have not authorized anyone to provide you with different information. If
anyone provides you with different or inconsistent information, you should not
rely on it. This prospectus does not constitute an offer to sell, or a
solicitation of an offer to purchase, the securities offered by this prospectus
in any jurisdiction to or from any person to whom or from whom it is unlawful
to make such offer or solicitation of an offer in such jurisdiction. You should
not assume that the information contained in this prospectus or any document
incorporated by reference is accurate as of any date other than the date on the
front cover of the applicable document. Neither the delivery of this prospectus
nor any distribution of securities pursuant to this prospectus shall, under any
circumstances, create any implication that there has been no change in the
information set forth or incorporated by reference into this prospectus or in
our affairs since the date of this prospectus. Our business, financial
condition, results of operations and prospects may have changed since that
date. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2><A NAME="B101"></A>ABOUT THIS PROSPECTUS</FONT></P>

<P><FONT SIZE=2>This prospectus is part of a
registration statement that we filed with the Securities and Exchange
Commission using a &#147;shelf&#148; registration process. Under this shelf registration
process, we may, from time to time, sell any combination of the securities
described in this prospectus in one or more offerings up to a total dollar
amount of $15,000,000. This prospectus describes the securities we may offer
and the general manner in which our securities may be offered by this
prospectus. Each time we sell securities, we will provide a prospectus
supplement that will contain specific information about the terms of that
offering. We may also add, update or change in the prospectus supplement any of
the information contained in this prospectus. To the extent there is a conflict
between the information contained in this prospectus and the prospectus supplement,
you should rely on the information in the prospectus supplement, provided that
if any statement in one of these documents is inconsistent with a statement in
another document having a later date&nbsp;&#150; for example, a document
incorporated by reference in this prospectus or any prospectus
supplement&nbsp;&#150; the statement in the document having the later date modifies
or supersedes the earlier statement. </FONT></P>

<P ALIGN=CENTER><FONT  SIZE=2>2</FONT></P>

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<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<P ALIGN=CENTER><A NAME=B102></A><FONT SIZE=2>OUR
COMPANY</FONT></P>

<P><FONT SIZE=2>We are engaged in the business of the development of
mesenchymal and stem cell production technology and the commercialization of
cell therapy products. </FONT></P>

<P><FONT SIZE=2>From May 2003 until March 2006, our business was
focused on the development of stem cell production technology. Originally, our
plan was to develop that technology to the point where we could license it to
medical scientists and practitioners for their use in producing cell therapy
products for sale in the marketplace. On March 6, 2006, we announced that our
company was taking a new direction. Instead of looking to license our stem cell
production technology, we decided to focus on developing the technology with
the goal of producing cell therapy products ourselves for sale in the
marketplace. On July 5, 2006 and October 16, 2006, we announced that our
subsidiary, Pluristem Ltd., achieved a breakthrough in our preclinical study of
bone marrow transplantation: The preclinical study showed that by adding PLX-I
(PLacenta eXpanded cells) to Umbilical cord blood (UCB) stem cells during bone
marrow transplantation (BMT), hematopoietic stem cell engraftment in mice
showed up to a 500% increase in engraftment after irradiation and chemotherapy.
On January 8, 2008, we announced that we achieved favorable results in
demonstrating a revascularization effect after using our propriety PLX-PAD
cells for the treatment of limb ischemia associated with peripheral artery
disease (PAD). On April 7, 2008, we announced that the results from Fraunhofer
Institute&#146;s additional pre-clinical study utilizing our proprietary PLacental
eXpanded (PLX) cells in treating ischemic stroke showed statistical
significance utilizing functional as well as anatomical endpoints. </FONT></P>

<P><FONT SIZE=2>On November 23, 2007, we changed our name to Pluristem
Therapeutics Inc. On November 26, 2007, we effected a one for two hundred
reverse stock split. Accordingly, all references to number of shares, common
stock and per share data have been adjusted to reflect the stock split on a
retroactive basis. </FONT></P>

<P><FONT SIZE=2>On December 10, 2007, our shares of common stock began
trading on the NASDAQ Capital Market under the symbol &#147;PSTI.&#148; The shares were
previously traded on the OTC Bulletin Board under the trading symbol &#147;PLRS.OB&#148;.
On May 7, 2007, our shares also began trading on Europe&#146;s Frankfurt Stock
Exchange, under the symbol &#147;PJT.&#148; </FONT></P>

<P><FONT SIZE=2>Effective on June 4, 2008, our authorized number of
shares of our common stock was increased from 7,000,000 shares to 30,000,000
shares. </FONT></P>

<P><FONT SIZE=2>Our executive offices are located at MATAM Advanced
Technology Park, Building No. 20, Haifa, Israel, our telephone number is 011
972 74 710 7171 and our website address is <U>www.pluristem.com</U>. The
information on our website is not incorporated by reference in this prospectus
and should not be considered to be part of this prospectus. Our website address
is included in this prospectus as an inactive technical reference only. Our
name and logo and the names of our products are our trademarks or registered
trademarks. Unless the context otherwise requires, references in this
prospectus to &#147;Pluristem,&#148; &#147;we,&#148; &#147;us,&#148; and &#147;our&#148; refer to Pluristem
Therapeutics Inc. and it subsidiaries as required by the context. </FONT></P>

<P ALIGN=CENTER><A NAME=B103></A><FONT SIZE=2>RISK
FACTORS</FONT></P>

<P><FONT SIZE=2>An investment in our securities involves significant
risks. You should carefully consider the risk factors contained in any
prospectus supplement and in our filings with the Securities and Exchange
Commission, as well as all of the information contained in this prospectus, any
prospectus supplement and the documents incorporated by reference in this
prospectus, before you decide to invest in our securities. The risks and
uncertainties we have described are not the only ones we face. Additional risks
and uncertainties not presently known to us or that we currently deem
immaterial may also affect our operations. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><A NAME=B104></A><FONT SIZE=2>SPECIAL
NOTE&nbsp;REGARDING FORWARD-LOOKING INFORMATION</FONT></P>

<P><FONT SIZE=2>This prospectus, any prospectus supplement and the
documents we incorporate by reference in this prospectus contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and other Federal securities laws. All
statements, other than statements of historical fact, that we include in this
prospectus, any prospectus supplement and in the documents we incorporate by
reference in this prospectus, may be deemed forward-looking statements for
purposes of the Securities Act of 1933, or the Securities Act, and the
Securities Exchange Act of 1934, or the Exchange Act. We use the words
&#147;anticipate,&#148; &#147;believe,&#148; &#147;estimate,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148;
&#147;plan,&#148;
&#147;project,&#148; &#147;will,&#148; &#147;would&#148; and similar expressions to identify forward-looking
statements, although not all forward-looking statements contain these
identifying words. We cannot guarantee that we actually will achieve the plans,
intentions or expectations disclosed in our forward-looking statements and,
accordingly, you should not place undue reliance on our forward-looking
statements. There are a number of important factors that could cause actual
results or events to differ materially from the forward-looking statements that
we make, including the factors included in the documents we incorporate by
reference in this prospectus. You should read these factors and the other
cautionary statements made in the documents we incorporate by reference as
being applicable to all related forward-looking statements wherever they appear
in this prospectus, any prospectus supplement and any document incorporated by
reference. We caution you that, except as otherwise required by law, we do not
undertake any obligation to update forward-looking statements we make. </FONT></P>

<P ALIGN=CENTER><A NAME=B105></A><FONT SIZE=2>USE
OF PROCEEDS</FONT></P>

<P><FONT SIZE=2>Unless we otherwise indicate in the applicable
prospectus supplement, we currently intend to use the net proceeds from the
sale of the securities for research and product development activities, and for
working capital and other general corporate purposes. </FONT></P>

<P><FONT SIZE=2>We may set forth additional information on the use of
net proceeds from the sale of securities we offer under this prospectus in a
prospectus supplement relating to the specific offering. Pending the application
of the net proceeds, we intend to invest the net proceeds in investment-grade,
interest-bearing securities. </FONT></P>

<P ALIGN=CENTER><A NAME=B106></A><FONT SIZE=2>THE
SECURITIES WE MAY OFFER</FONT></P>

<P><FONT SIZE=2>The descriptions of the securities contained in this
prospectus, together with the applicable prospectus supplement, summarize the
material terms and provisions of the various types of securities that we may
offer. We will describe in the applicable prospectus supplement relating to any
securities the particular terms of the securities offered by that prospectus
supplement. If we so indicate in the applicable prospectus supplement, the
terms of the securities may differ from the terms we have summarized below. We
may also include in the prospectus supplement information, where applicable,
about material United States federal income tax consequences relating to the
securities, and the securities exchange or market, if any, on which the
securities will be listed. </FONT></P>

<P><FONT SIZE=2>We may sell from time to time, in one or more
offerings, one or more of the following securities: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>common stock; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>warrants to purchase common stock.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The total initial offering price of all securities
that we may issue in these offerings will not exceed $15,000,000. </FONT></P>

<P ALIGN=CENTER><A NAME=B107></A><FONT SIZE=2>DESCRIPTION
OF COMMON STOCK</FONT></P>

<P><FONT SIZE=2>For a description of the material terms and provisions
of our common stock and any other class of our securities which qualifies or
limits our common stock, please see the applicable prospectus supplement, as
well as the description of our capital stock in our Registration Statement on
Form&nbsp;8-A, as amended, which is incorporated by reference in this
prospectus. </FONT></P>

<P ALIGN=CENTER><A NAME=B108></A><FONT SIZE=2>DESCRIPTION
OF WARRANTS</FONT></P>

<P><FONT SIZE=2>The following description, together with the
additional information we may include in any applicable prospectus supplement,
summarizes the material terms and provisions of the warrants that we may offer
under this prospectus and the related warrant agreements and warrant
certificates. While the terms summarized below will apply generally to any
warrants that we may offer, we will describe the particular terms of any series
of warrants in more detail in the applicable prospectus supplement. If we so
indicate in a prospectus supplement, the terms of any warrants offered under
that prospectus supplement may differ from the terms we describe below.
Specific warrant agreements will contain additional important terms and
provisions and will be incorporated by reference as an exhibit to the
registration statement. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

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<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2><U>General </U></FONT></P>

<P><FONT SIZE=2>We may issue warrants for the purchase of common stock
in one or more series. We may issue warrants independently or together with
common stock, and the warrants may be attached to or separate from the common
stock. </FONT></P>

<P><FONT SIZE=2>We will evidence each series of warrants by warrant
certificates that we will issue under a separate agreement or by warrant
agreements that we will enter into directly with the purchasers of the
warrants. If we evidence warrants by warrant certificates, we will enter into a
warrant agreement with a warrant agent. We will indicate the name and address
of the warrant agent, if any, in the applicable prospectus supplement relating
to a particular series of warrants. </FONT></P>

<P><FONT SIZE=2>We will describe in the applicable prospectus
supplement the terms of the series of warrants, including: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the offering price and aggregate number of warrants
  offered;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the currency for which the warrants may be purchased
  or exercised;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>if applicable, the terms of the common stock with
  which the warrants are issued and the number of warrants issued with such
  common stock;</FONT></P>
</TD>
</TR>

<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>if applicable, the date on and after which the
  warrants and the related common stock will be separately transferable;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the number of shares of common stock purchasable
  upon the exercise of one warrant and the price at which these shares may be
  purchased upon such exercise;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the manner in which the warrants may be exercised,
  which may include by cashless exercise;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the effect of any merger, consolidation, sale or
  other disposition of our business on the warrant agreement and the warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the terms of any rights to redeem or call the
  warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any provisions for changes to or adjustments in the
  exercise price or number of shares of common stock issuable upon exercise of
  the warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the dates on which the right to exercise the
  warrants will commence and expire;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the manner in which the warrant agreement and
  warrants may be modified;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the material United States federal income tax
  consequences of holding or exercising the warrants;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the terms of the common stock issuable upon exercise
  of the warrants; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any other specific terms, preferences, rights or
  limitations of or restrictions on the warrants.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Before exercising their warrants, holders of warrants
will not have any of the rights of holders of the common stock purchasable upon
such exercise, including the right to receive dividends, if any, or payments
upon our liquidation, dissolution or winding up or to exercise voting rights,
if any. </FONT></P>

<P><FONT SIZE=2><U>Exercise of Warrants </U></FONT></P>

<P><FONT SIZE=2>Each warrant will entitle the holder to purchase the
number of shares of common stock that we specify in the applicable prospectus
supplement at the exercise price that we describe in the applicable prospectus
supplement. Unless we otherwise specify in the applicable prospectus
supplement, holders of the warrants may exercise the warrants at any time up to
5:00&nbsp;P.M., Eastern U.S. time, on the expiration date that we set forth in
the applicable prospectus supplement. After the close of business on the
expiration date, unexercised warrants will become void. </FONT></P>

<P><FONT SIZE=2>Holders of the warrants may exercise the warrants by
delivering to the warrant agent or us the warrant certificate or warrant
agreement representing the warrants to be exercised together with specified
information, and by paying the required amount to the warrant agent or us in
immediately available funds, as provided in the applicable prospectus
supplement. We will set forth on the reverse side of the warrant certificate or
in the warrant agreement and in the applicable prospectus supplement the
information that the holder of the warrant will be required to deliver to the
warrant agent or us in connection with such exercise. Certain of the warrants
may entitle the holders thereof to &#147;cashless exercise&#148; under certain
circumstances. This option entitles the warrant holder to elect to receive
fewer shares of common stock without paying the cash exercise price. The number
of shares to be issued would be determined by a formula based on the total
number of shares to which the warrant holder is entitled, the market price of
the common stock on the date of exercise or the days prior to the exercise and
the applicable exercise price of the warrants. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Upon receipt of the required payment, if need to, and
the warrant certificate or the warrant agreement, as applicable, properly
completed and duly executed at the corporate trust office of the warrant agent,
if any, at our offices or at any other office indicated in the applicable
prospectus supplement, we will issue and deliver the common stock purchasable
upon such exercise. If fewer than all of the warrants represented by the
warrant certificate or warrant agreement are exercised, then we will issue a
new warrant certificate or warrant agreement for the remaining amount of
warrants. </FONT></P>

<P><FONT SIZE=2><U>Enforceability of Rights
by Holders of Warrants </U></FONT></P>

<P><FONT SIZE=2>If we appoint a warrant agent, any warrant agent will
act solely as our agent under the applicable warrant agreement and will not
assume any obligation or relationship of agency or trust with any holder of any
warrant. A single bank or trust company may act as warrant agent for more than
one issue of warrants. A warrant agent will have no duty or responsibility in
case of any default by us under the applicable warrant agreement or warrant,
including any duty or responsibility to initiate any proceedings at law or
otherwise, or to make any demand upon us. Any holder of a warrant may, without
the consent of the related warrant agent or the holder of any other warrant,
enforce by appropriate legal action its right to exercise, and receive the
securities purchasable upon exercise of, its warrants. </FONT></P>

<P ALIGN=CENTER><A NAME=B109></A><FONT SIZE=2>PLAN
OF DISTRIBUTION</FONT></P>

<P><FONT SIZE=2>We may sell the securities being offered hereby in one
or more of the following ways from time to time:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>through agents to the public or to investors;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>to one or more underwriters for resale to the public
  or to investors;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>in &#147;at the market offerings,&#148; within the meaning of
  Rule 415(a)(4) of the Securities Act, to or through a market maker or into an
  existing trading market, on an exchange or otherwise; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>directly to investors in privately negotiated
  transactions; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>directly to a purchaser pursuant to what is known as
  an &#147;equity line of credit&#148; as described below; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>through a combination of these methods of sale.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The securities that we distribute by any of these methods may be sold,
in one or more transactions, at:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>a fixed price or prices, which may be changed;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>market prices prevailing at the time of sale;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>prices related to prevailing market prices; or</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>negotiated prices.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>The accompanying prospectus supplement will describe the terms of the
offering of our securities, including:</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the name or names of any agents or underwriters;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any securities exchange or market on which the
  common stock may be listed;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>the purchase price and commission, if any, to be
  paid in connection with the sale of the securities being offered and the
  proceeds we will receive from the sale; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any over-allotment options pursuant to which
  underwriters may purchase additional securities from us;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any underwriting discounts or agency fees and other
  items constituting underwriters&#146; or agents&#146; compensation;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any public offering price; and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>any discounts or concessions allowed or reallowed or
  paid to dealers.</FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>If underwriters are used in the sale, they will
acquire the securities for their own account and may resell the securities from
time to time in one or more transactions, including negotiated transactions, at
a fixed public offering price or at varying prices determined at the time of
the sale. The obligations of the underwriters to purchase the securities will
be subject to the conditions set forth in the applicable underwriting
agreement. We may offer the securities to the public through underwriting syndicates
represented by managing underwriters or by underwriters without a syndicate.
Subject to certain conditions, the underwriters will be obligated to purchase
all the securities offered by the prospectus supplement. We may change from
time to time the public offering price and any discounts or concessions allowed
or reallowed or paid to dealers. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>We may also sell securities pursuant to an &#147;equity
line of credit&#148;. In such event, we will enter into a common stock purchase
agreement with the purchaser to be named therein, which will be described in a
Current Report on Form 8-K that we will file with the SEC. In that Form 8-K, we
will describe the total amount of money that we may require the purchaser to
invest under the purchase agreement and the other terms of purchase, and any
rights that the purchaser is granted to purchase securities from us. In
addition to our issuance of shares of common stock to the equity line purchaser
pursuant to the purchase agreement, this prospectus (and the applicable prospectus
supplement or post-effective amendment) also covers the resale of those shares
from time to time by the equity line purchaser to the public. The equity line
purchaser will be considered an &#147;underwriter&#148; within the meaning of Section
2(a)(11) of the Securities Act. Its resales may be effected through a number of
methods, including without limitation, ordinary brokerage transactions and
transactions in which the broker solicits purchasers and block trades in which
the broker or dealer so engaged will attempt to sell the shares as agent, but
may position and resell a portion of the block as principal to facilitate the
transaction. The equity line purchaser will be bound by various
anti-manipulation rules of the SEC and may not, for example, engage in any stabilization
activity in connection with its resales of our securities and may not bid for
or purchase any of our securities or attempt to induce any person to purchase
any of our securities other than as permitted under the Exchange Act. </FONT></P>

<P><FONT SIZE=2>We may sell our securities directly or through agents
we designate from time to time. We will name any agent involved in the offering
and sale of our common stock, and we will describe any commissions we will pay
the agent in the prospectus supplement. Unless the prospectus supplement states
otherwise, our agent will act on a best-efforts basis for the period of its
appointment. </FONT></P>

<P><FONT SIZE=2>We may provide underwriters and agents with
indemnification against civil liabilities related to this offering, including
liabilities under the Securities Act, or contribution with respect to payments
that the underwriters or agents may make with respect to these liabilities.
Underwriters and agents may engage in transactions with, or perform services
for, us in the ordinary course of business. We will describe such relationships
in the prospectus supplement naming the underwriter or agent and the nature of
any such relationship. </FONT></P>

<P><FONT SIZE=2>Rules of the Securities and Exchange Commission may
limit the ability of any underwriters to bid for or purchase securities before
the distribution of the shares of common stock is completed. However,
underwriters may engage in the following activities in accordance with the
rules: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>Stabilizing transactions</I>
  &#150;&nbsp;Underwriters may make bids or purchases for the purpose of pegging,
  fixing or maintaining the price of the shares, so long as stabilizing bids do
  not exceed a specified maximum. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>Over-allotments and syndicate
  covering transactions</I> &#150;&nbsp;Underwriters may sell more
  shares of our common stock than the number of shares that they have committed
  to purchase in any underwritten offering. This over-allotment creates a short
  position for the underwriters. This short position may involve either
  &#147;covered&#148; short sales or &#147;naked&#148; short sales. Covered short sales are short sales
  made in an amount not greater than the underwriters&#146; over-allotment option to
  purchase additional shares in any underwritten offering. The underwriters may
  close out any covered short position either by exercising their
  over-allotment option or by purchasing shares in the open market. To
  determine how they will close the covered short position, the underwriters
  will consider, among other things, the price of shares available for purchase
  in the open market, as compared to the price at which they may purchase
  shares through the over-allotment option. Naked short sales are short sales
  in excess of the over-allotment option. The underwriters must close out any
  naked position by purchasing shares in the open market. A naked short
  position is more likely to be created if the underwriters are concerned that,
  in the open market after pricing, there may be downward pressure on the price
  of the shares that could adversely affect investors who purchase shares in
  the offering.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><I>Penalty bids</I>
  &#150;&nbsp;If underwriters purchase shares in the open market in a stabilizing
  transaction or syndicate covering transaction, they may reclaim a selling
  concession from other underwriters and selling group members who sold those
  shares as part of the offering. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Similar to other purchase transactions, an
underwriter&#146;s purchases to cover the syndicate short sales or to stabilize the
market price of our common stock may have the effect of raising or maintaining
the market price of our common stock or preventing or mitigating a decline in
the market price of our common stock. As a result, the price of the shares of
our common stock may be higher than the price that might otherwise exist in the
open market. The imposition of a penalty bid might also have an effect on the
price of shares if it discourages resales of the shares. </FONT></P>

<P><FONT SIZE=2>If commenced, the underwriters may discontinue any of
these activities at any time. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Our common stock is traded on the NASDAQ Capital
Market. One or more underwriters may make a market in our common stock, but the
underwriters will not be obligated to do so and may discontinue market making
at any time without notice. We cannot give any assurance as to liquidity of the
trading market for our common stock. </FONT></P>

<P><FONT SIZE=2>Any underwriters who are qualified market makers on
the NASDAQ Capital Market may engage in passive market making transactions in
the common stock in accordance with Rule&nbsp;103 of Regulation&nbsp;M, during
the business day prior to the pricing of the offering, before the commencement
of offers or sales of the common stock. Passive market makers must comply with
applicable volume and price limitations and must be identified as passive
market makers. In general, a passive market maker must display its bid at a
price not in excess of the highest independent bid for such security; if all
independent bids are lowered below the passive market maker&#146;s bid, however, the
passive market maker&#146;s bid must then be lowered when certain purchase limits
are exceeded. </FONT></P>

<P><FONT SIZE=2>In compliance with guidelines of the Financial
Industry Regulatory Authority, or FINRA, the maximum commission or discount to
be received by any FINRA member or independent broker dealer may not exceed 8%
of the aggregate amount of the securities offered pursuant to this prospectus
and any applicable prospectus supplement. </FONT></P>

<P ALIGN=CENTER><A NAME=B110></A><FONT SIZE=2>VALIDITY
OF SECURITIES</FONT></P>

<P><FONT SIZE=2>The validity of the securities offered hereby will be
passed upon for us by Zysman, Aharoni, Gayer &amp; Co. /Sullivan &amp;
Worcester, LLP, Boston, Massachusetts. </FONT></P>

<P ALIGN=CENTER><A NAME=B111></A><FONT SIZE=2>EXPERTS</FONT></P>

<P><FONT SIZE=2>The financial statements of Pluristem Therapeutics
Inc. appearing in its Annual Report (Form&nbsp;10-KSB) for the year ended June
30, 2007 have been audited by Kost Forer Gabbay &amp; Kasierer A member of
Ernst &amp; Young Global, independent registered public accounting firm, as set
forth in their report thereon, included therein, and incorporated herein by
reference. Such financial statements are incorporated herein by reference in
reliance upon such report given on the authority of such firm as experts in
accounting and auditing. </FONT></P>

<P ALIGN=CENTER><A NAME=B112></A><FONT SIZE=2>WHERE
YOU CAN FIND MORE INFORMATION</FONT></P>

<P><FONT SIZE=2>We file reports, proxy statements and other documents
with the Securities and Exchange Commission. You may read and copy any document
we file with the SEC at the SEC&#146;s Public Reference Room at
100&nbsp;F&nbsp;Street, N.E., Room&nbsp;1580, Washington,&nbsp;D.C. 20549. Please
call the SEC at 1-800-SEC-0330 for further information on the public reference
room. </FONT></P>

<P><FONT SIZE=2>The SEC also maintains a website, the address of which
is www.sec.gov. That site also contains our annual, quarterly and current
reports, proxy statements, information statements and other information. </FONT></P>

<P><FONT SIZE=2>We have filed this prospectus with the SEC as part of
a registration statement on Form&nbsp;S-3 under the Securities Act. This
prospectus does not contain all of the information set forth in the
registration statement because some parts of the registration statement are
omitted in accordance with the rules and regulations of the SEC. You can obtain
a copy of the registration statement from the SEC at the address listed above
or from the SEC&#146;s website. </FONT></P>

<P><FONT SIZE=2>We also maintain a website at www.pluristem.com,
through which you can access our SEC filings. The information set forth on our
website is not part of this prospectus.</FONT></P>

<P ALIGN=CENTER><A NAME=B113></A><FONT SIZE=2>INCORPORATION
OF DOCUMENTS BY REFERENCE</FONT></P>

<P><FONT SIZE=2>We are &#147;incorporating by reference&#148; certain documents
we file with the SEC, which means that we can disclose important information to
you by referring you to those documents. The information in the documents
incorporated by reference is considered to be part of this prospectus.
Statements contained in documents that we file with the SEC and that are
incorporated by reference in this prospectus will automatically update and
supersede information contained in this prospectus, including information in
previously filed documents or reports that have been incorporated by reference
in this prospectus, to the extent the new information differs from or is
inconsistent with the old information. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR WIDTH="100%" size="1" noshade style="margin-top: -2px">
<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>We have filed or may file the following documents with
the SEC. These documents are incorporated herein by reference as of their
respective dates of filing: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR style="font-size:1px">
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="90%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Annual Report on Form&nbsp;10-KSB for the year
  ended June 30, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Quarterly Report on Form&nbsp;10-QSB for the
  quarter ended March 31, 2008; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Quarterly Report on Form&nbsp;10-QSB for the
  quarter ended December&nbsp;31, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Quarterly Report on Form&nbsp;10-QSB for the
  quarter ended September&nbsp;30, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on April 10, 2008; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on December 7, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on November 26, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on November 9, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on November 6, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on October 12, 2007; </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Our Current Report on Form&nbsp;8-K, as filed with
  the SEC on September 5, 2007;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>The description of our common stock contained in our
  Registration Statement on Form&nbsp;8-A filed with the SEC, as
  amended;&nbsp;and</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>All documents filed by us pursuant to
  Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act (1)&nbsp;after the
  date of the filing of this registration statement and prior to its
  effectiveness and (2)&nbsp;until all of the common stock to which this
  prospectus relates has been sold or the offering is otherwise terminated,
  except in each case for information contained in any such filing where we
  indicate that such information is being furnished and is not to be considered
  &#147;filed&#148; under the Exchange Act, will be deemed to be incorporated by
  reference in this prospectus and the accompanying prospectus supplement and
  to be a part hereof from the date of filing of such documents. </FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>We will provide a copy of the documents we incorporate by reference, at
no cost, to any person who receives this prospectus. To request a copy of any
or all of these documents, you should write or telephone us at MATAM Advanced
Technology Park, Building No. 20, Haifa, 31905, Israel, Attention: Yaky Yanay,
(+972) 74 710 7171. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

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<HR WIDTH="100%" size="4" noshade style="margin-top: -10px">


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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
