Pluristem Therapeutics Inc. (PSTI) stock soared 21.77% in the pre-market trading session at the price of $1.79 following the innovative collaboration with Tnuva Group to develop a cultured food platform.
Pluristem is a science and technology firm that develops and commercializes cell-based products. PSTI sources its cell-based therapeutics with the placenta, a potent and ethically accepted source. The company has groundbreaking applications in cell therapies to treat ischemia, hematology deficiencies, damaged muscle, and inflammation.
PSTI Announced Landmark Collaboration with Tnuva
On 10th January 2022, PSTI reported an innovative partnership with Tnuva Group to develop and commercialize a cultured cell-based food platform. The cooperation started with the incorporation of NewCo. It is a new company that will acquire exclusive, royalty-bearing, global licensing rights to use Pluristem’s intellectual property and proprietary technology in the field of cultured meat. As per the contract, the parties can extend the cooperation to include cultured fish and dairy products through separate ventures.
NewCo will utilize its own resources and funding to advance the mission with dedicated leadership and a team. PSTI will support the installation, research, and development activities of NewCo under the services deal. Tnuva will deliver its research and development platform to generate consumer products and acquire preferred marketing rights of NewCo products. Tnuva Group agreed to invest $7.5M in NewCo with an option to invest an additional $7.5M over the next twelve months after the closing.
President & Chief Executive Officer of Pluristem, Yaky Yanay, remarked that the company had produced one of the most sophisticated cell-based platforms over the years. They had devised their strategy more precisely to leverage their expertise and technology through long-term collaborations and partnerships.
Today, they are proudly reporting a partnership with Tnuva Group, a company with over 96 years of expertise in customer food brands. This agreement will support the effective and rapid manufacturing of cultured meat products. This partnership demonstrates PSTI’s plans to grow its business to verticals that require superior cell-based proprietary technologies, Yaky concluded.