Pendrell, through its subsidiaries, is a fully integrated intellectual property investment advisory services and asset management firm. The company seeks to invest in or acquire assets that represent not only unique intellectual property rights, but also outstanding growth potential.
The company announced today that it has acquired a 68% stake in Provitro Biosciences. This firm is a world leader in commercial-scale plant propagation methods. Pendrell's investment will enable Provitro to develop the vast commercial potential for a number of breakthrough advances being developed by the company.
Provitro pioneered the development of an innovative, proprietary micropropagation method that advances the rising demand for renewable and sustainable plant production on a mass scale without genetic modifications. Global markets for Provitro involve a number of industries including pulp, paper, energy, food, textile, and the plant nursery industry.
Worldwide interest and demand for sustainable, renewable plant sources is growing rapidly. Provitro has initially focused on bamboo. It already sells ornamental bamboo through Home Depot and Costco. Last year, the company entered into a first of its kind development agreement with Kimberly Clark, which is exploring the manufacturing of tissue products containing fiber from the company's proprietary bamboo propagation technology.
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