(RTTNews) - Pluristem Therapeutics Inc. (PSTI) shares are trading more than 20 percent on Monday morning after the biotech company announced an innovative collaboration with Israel's largest food producer Tnuva Group to develop, manufacture, and commercialize cultured cell-based products for the food industry, especially in the field of cultured meat. Further, the collaboration might include cultured dairy and cultured fish products by establishing separate, new ventures.
As part of the collaboration, Tnuva will invest $7.5 million in a new company called NewCo, with the option to invest up to an additional $7.5 million 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.
Currently, shares are at $1.80, up 22.53 percent from the previous close on a volume 22,401,970
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