Pluri Announces €1 Million Proof of Concept Agreement to Enhance Global Sustainable Vegetable Supply

HAIFA, Israel, July 08, 2024 (GLOBE NEWSWIRE) -- Leading biotechnology company Pluri Inc. (NASDAQ:PLUR) (TASE:PLUR) ("Pluri" or "the Company"), which transforms cells into solutions that promote global wellbeing and sustainability, has announced a strategic proof of concept ("POC") agreement with a leading international agriculture corporation. The agreement is intended to boost the global vegetable product supply, streamline supply chains, and combat global climate change while ensuring a natural and more sustainable future for agriculture.

The collaboration leverages the strengths of both companies—Pluri's extensive expertise in cell-expansion technologies and cellular agriculture complements the partner's global presence, knowledge of the food industry and dominant position in the vegetable market.

The result of the planned collaboration has the potential to minimize environmental impact and foster greater food security. Pluri's proprietary 3D cell expansion technology is expected to benefit farmers worldwide, as the collaboration can build a better agronomic and environmentally friendly infrastructure, bringing sustainable, high-quality solutions to the market.

"As the global population expands, resource competition and climate change heighten the urgency to develop alternative agricultural technologies to replace traditional methods," said Yaky Yanay, Chief Executive Officer and President of Pluri. "This new collaboration showcases Pluri's strategy to work with leading global companies from various industries, each an expert in their respective field. It also aligns with our ongoing commitment to generate revenue through innovative projects. We are confident that this collaboration has the potential not only to positively impact the vegetable market, but also to generate significant value for our shareholders."

Market size

The global vegetable farming market is valued at $1.3 trillion and is expected to reach $1.6 trillion by 2029, growing at a CAGR of 3.4% from 2024 to 2029.

With over 7.5 billion people currently, the global population is steadily rising and expected to reach 8.6 billion in 2030 and 11.2 billion by the turn of the century.

About Pluri Inc.

Pluri™ is pushing the boundaries of science and engineering to create cell-based products for commercial use and is pioneering a biotech revolution that promotes global well-being and sustainability. The Company's technology platform, a patented and validated state-of-the-art 3D cell expansion system, advances novel cell-based solutions for a range of challenges—from medicine and climate change to food scarcity, animal cruelty and beyond. Pluri's method is uniquely accurate, scalable, cost-effective and consistent from batch to batch. Pluri currently operates in the field of regenerative medicine, foodtech and agtech. The Company also offers CDMO services. Pluri establishes partnerships that leverage the Company's proprietary 3D cell-based technology across various industries that require effective, mass cell production. To learn more, visit us at www.pluri-biotech.com or follow Pluri on LinkedIn and X (formerly known as Twitter).

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, Pluri is using forward-looking statements when it discusses its collaborations with strategic partners; the goals, aims and expected results of the collaboration; the potential benefits of the agreement and of Pluri's 3D cell expansion technology; the expected market impacts of the collaboration; the urgency to develop alternative agricultural technologies to replace traditional methods; its business strategy; its commitment to generate revenue through innovative projects; its belief that this collaboration has the potential not only to positively impact the vegetable market, but also to generate significant value for our shareholders; and the expected market growth of the global vegetable farming market and global population. These forward-looking statements and their implications are based on the current expectations of the management of Pluri 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 Pluri: changes in technology and market requirements; Pluri may encounter delays or obstacles in launching and/or successfully completing its clinical trials, if necessary; its products may not be approved by regulatory agencies, its technology may not be validated as it progresses further and its methods may not be accepted by the scientific community; it may be unable to retain or attract key employees whose knowledge is essential to the development of its products; unforeseen scientific difficulties may develop with its processes; its products may wind up being more expensive than it anticipates; results in the laboratory may not translate to equally good results in real clinical settings; its patents may not be sufficient; its 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 Pluri to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Pluri 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 Pluri reference is made to Pluri's reports filed from time to time with the Securities and Exchange Commission.

Contacts

Investors: [email protected]

Israel Media: Shachar Yental at [email protected]

U.S. Media: Jessica Daitch at [email protected]/ Madeline Weirman at [email protected]