Pluristem jumps 31% on collaboration with Tnuva to develop cultured cell-based food products

Jan. 10, 2022 5:28 AM ETPluri Inc. (PLUR)By: Mamta Mayani, SA News Editor2 Comments

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  • Pluristem Therapeutics (NASDAQ:PSTI) and Tnuva Group, Israel’s largest food producer, announce the launch of an innovative collaboration to develop, manufacture and commercialize cultured cell-based products for the food industry.
  • PSTI shares surge 30.6% premarket at $1.92.
  • The collaboration started with the incorporation of a new company (“NewCo”), that will receive exclusive, global, royalty bearing licensing rights to use Pluristem’s proprietary technology, intellectual property and knowhow, to be used in the field of cultured meat.
  • Tnuva Group will invest $7.5M in NewCo, according to a pre-money valuation of $40M, with the option to invest up to an additional $7.5M over a period of 12 months following the closing.
  • Tnuva will provide the R&D platform to develop consumer products and will receive preferred marketing rights of any developed NewCo’s products in Israel.
  • NewCo intends to present its technology Proof of Concept in 2022, with the goal of launching its first raw cultured meat product in 2023.
  • As part of the collaboration, the Parties may expand the collaboration to include cultured dairy and cultured fish products by establishing separate, new ventures.
  • Pluristem to host online investor and analyst call on January 11, 2022 at 9:00 am EST.

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