Pluristem Therapeutics Inc. (Nasdaq: PSTI) (TASE: PSTI)
(“Pluristem” or “the Company”), a leading biotechnology company,
and Tnuva Group (“Tnuva Group" or “Tnuva”), Israel’s largest food
producer, (together, “Parties”) today announced the launch of an
innovative collaboration to develop, manufacture and commercialize
cultured cell-based products for the food industry. 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 $7.5 million in NewCo,
according to a pre-money valuation of $40 million, with the option
to invest up to an additional $7.5 million over a period of 12
months following the closing. NewCo will use its own funding and
resources to promote its mission with a dedicated management team
and staff, and Pluristem will support the establishment, research
and development activities of NewCo pursuant to a services
agreement. 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.
Pluristem has the industry-leading capacity to
design, develop, and manufacture cells for commercial use. Over the
last two decades, the Company developed a proprietary
three-dimensional (3D) expansion platform that can produce
high-quality cells in a cost-effective manner with batch-to-batch
consistency. According to both Parties’ estimates and plans, 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.
Haim Gavrieli, Chairman of Tnuva
Group: “Our collaboration with Pluristem is part of the
execution of Tnuva Group’s strategy and vision. Tnuva strives to
lead the alternative protein industry in Israel and to continue to
expand in the industry on a global scale. We chose to collaborate
with Pluristem because we believe it owns one of the most advanced
cell production technologies in the world. We expect the
collaboration between the companies to revolutionize the cultured
food industry and develop the next generation of alternative
proteins.”
Zami Aberman, Chairman of
Pluristem: “Both Parties are leading companies in their
fields, each with proven experience and tremendous capabilities,
and the collaboration between us holds vast potential to lead
towards a better future for the food industry. The collaboration
with Tnuva supports Pluristem's strategy to establish partnerships
that leverage its cell-based technology platform. As we embark on
this collaboration with Tnuva, Pluristem is still dedicated to its
core business of developing cell therapy products."
Yaky Yanay, CEO & President of
Pluristem: "Over the years, Pluristem has developed one of
the most advanced cell manufacturing platforms. During the last
year, we made our strategy more precise, with the goal of
leveraging our technology and expertise through partnerships and
collaborations. Today, we are proud to join forces with a market
leader, Tnuva Group, as they bring 96 years of experience in
consumer food brands and innovation to the table. We believe that
Tnuva’s and Pluristem’s vast experience will support fast and
effective development of large-scale cultured meat products,
relying on our existing infrastructures and talented teams. This
collaboration is the first showcase of Pluristem’s intention to
expand its business to verticals that need superior cell expansion
proprietary technologies."
Eyal Malis, CEO of the Tnuva
Group: "Tnuva Group has decades of experience developing
and marketing innovative products for the Israeli market. Tnuva
leads the alternative protein market in Israel and has recently
taken its expertise globally. Just as Tnuva made the field of
alternative proteins accessible to every Israeli home, we intend to
make cultured food products available to all. The collaboration
between two proven pioneers in their fields, each of which with
proven experience and tremendous abilities, can create a better
future for the food industry.”
Alternative meat is one of the fastest growing
industries in the world and is estimated to be a $140 billion
market by 20301. Affordable cultured food will require
mass-produced, high-quality cells at competitive costs.
Pluristem to host online investor and
analyst call on January 11, 2022 at 9:00 am EST (4:00 pm IST).
Click here to register:
https://veidan.activetrail.biz/pluristem
About Tnuva Group
Tnuva Group is the largest food producer in
Israel, as well as the Israeli leader in the field of alternative
dairy and protein products. Tnuva Group has annual revenues of over
$2 billion, 6,000 employees in 32 sites country wide. The Tnuva
brand can be found in almost every home and every meal in Israel,
with the country's largest distribution network for chilled and
frozen products, including a wide range of dairy products, meat,
eggs, fish, frozen vegetables, pastries and frozen and chilled
food. Tnuva holds Israel's leading and most loved food brands in
Israel, with approximately 4 million of Tnuva Group's products sold
daily.
Tnuva takes part in the establishment of
advanced food tech platforms in Israel, including 'FRESH START,' an
innovative food tech incubator in Northern Israel with the goal of
future development of the Israeli food industry. The incubator,
established in collaboration with the Israel Innovation Authority,
Tempo Beverages Ltd, the investment platform Our Crowd, and the
American investment fund Finistere, specializes in locating and
accompanying groundbreaking Israeli food technologies. Tnuva also
supports innovative startups food companies, and academic
researchers in Israel. Tnuva has recently signed a know-how
licensing agreement with Swiss retail giant "Migros", under which
Tnuva will help the Swiss company produce dairy alternatives.
About Pluristem
Pluristem is pushing the boundaries of science
and engineering to create cell-based products for commercial use.
The Company’s cell therapies advance the field of regenerative
medicine, with potentially groundbreaking applications for treating
ischemia, damaged muscle, hematology deficiencies, and
inflammation. Pluristem sources its therapeutic cells from the
placenta, an ethically accepted and potent source. The Company’s
manufacturing platform is a patented and validated state-of-the-art
3D cell expansion system. Pluristem’s method is uniquely accurate,
cost-effective, and consistent from batch to batch. The
collaboration with Tnuva supports Pluristem’s strategy to establish
partnerships leveraging Pluristem’s cell-based technology
platform.
Safe Harbor Statement
This press release contains express or implied
forward-looking statements within the Private Securities Litigation
Reform Act of 1995 and other U.S. Federal securities laws. For
example, Pluristem is using forward-looking statements when it
discusses the expected contributions of each of the Parties with
respect to the collaboration and NewCo, the expected timing of the
presentation of the proof of concept and the goal for the timing of
the launch of the first cultured meat product, the potential
benefits to be realized by the collaboration and the potential for
expanded collaboration with respect to cultured dairy and cultured
fish products. These forward-looking statements and their
implications are based on the current expectations of the
management of Pluristem only and are subject to a number of factors
and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from those described in the forward-looking
statements about Pluristem or NewCo or the collaboration: changes
in technology and market requirements; either may encounter delays
or obstacles in launching and/or successfully completing its
clinical trials, if necessary; their products may not be approved
by regulatory agencies, their technology may not be validated as
they progress further and their methods may not be accepted by the
scientific community; they may be unable to retain or attract key
employees whose knowledge is essential to the development of their
products; unforeseen scientific difficulties may develop with their
processes; their products may wind up being more expensive than
they anticipate; results in the laboratory may not translate to
equally good results in real clinical settings; their patents may
not be sufficient; their products may harm recipients or consumers;
changes in legislation with an adverse impact; inability to timely
develop and introduce new technologies, products and applications;
loss of market share and pressure on pricing resulting from
competition, which could cause the actual results or performance of
Pluristem, NewCo or the collaboration to differ materially from
those contemplated in such forward-looking statements. Except as
otherwise required by law, Pluristem undertakes no obligation to
publicly release any revisions to these forward-looking statements
to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events. For a more detailed
description of the risks and uncertainties affecting Pluristem,
reference is made to Pluristem's reports filed from time to time
with the Securities and Exchange Commission.
Contact:
Dana Rubin, Director of Investor Relations, Pluristem
+972-74-7107194 danar@pluristem.com
Noy Kedem Madmon,Chief Communications Officer, Tnuva
Group+972-50-5200509noyke@tnuva.co.il
_______________________
1 “The future of food”, 4 May 2021, Barclays news
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