Citrine Global Corp. (CTGL) Signs MOU with MyPlant Bio, Specialized in Botanical Drug Development, to Acquire 55% of MyPlant’s Shares against Citrine Global Shares
Tel Aviv, Dec. 13, 2022 (GLOBE NEWSWIRE) -- Citrine Global Corp. (OTCQB: CTGL) is pleased to announce the signing of a memorandum of understanding (MOU) with MyPlant Bio Ltd., a pioneering Israeli company that is specialized in botanical drug development and owns certain know-how and intellectual property rights that include a developed platform and cell-disease models to screen plant extracts to understand their biological effect, and has screening platforms using cell line models for certain diseases and conditions to detect effective plant materials and/or other substances for the treatment of these conditions. MyPlant was founded by Cannasoul Analytics, a leading botanical research and development company and Prof. Dedi Meiri from the Faculty of Biology at the Israeli Institute of Technology (Technion) and a member of the Technion Integrated Cancer Center.
Under the terms of the MOU, Citrine Global will have the option to acquire 55% of MyPlant’s shares for a purchase price of USD 2.44 million, payable with Citrine Global shares at the Citrine Global valuation of USD 45 Million, which was Citrine Global’s valuation on the day of the execution of the MOU. The acquisition is subject to Citrine Global’s sole decision and the execution of the Definitive Agreement and due diligence.
Citrine Global’s acquisition of MyPlant is in line with the Citrine Global’s strategy to be a leader in plant-based wellness and pharma solutions. Citrine Global views the acquisition of MyPlant as an opportunity to advance its wellness and planned pharma and botanical drug products with MyPlant’s scientific research as to the effects of specific plant substances and compounds on different wellness and medical conditions.
"Today's announcement is a major milestone for both companies and for the plant-based wellness and pharma industries," said Ora Elharar Soffer, Citrine Global Chairperson and CEO, adding "The joint forces of Citrine Global and MyPlant together with Professor Dedi Meiri’s expertise are expected to create a new force in the fields of plant-based wellness and botanical drug products”.
Citrine Global developed more than 100 researched plant-based formulations and product lines targeting to promote wellbeing and complementary products for balancing selected side effects caused by medicines, treatments, or an unbalanced lifestyle. Citrine Global plans to benefit from the collaboration with MyPlant and Professor Dedi Meiri to advance the company’s strategy for developing scientifically backed plant-based products composed of specific active plant substances proven by research to be effective for different medical conditions and possibly offer personally customized products for individual patients tailored for their healing process.
As the worldwide use of botanical nutritional supplements and botanical drugs continues to grow, the need for scientific evaluation of the safety and efficacy of these products is becoming ever greater. The collaboration with MyPlant and Professor Dedi Meiri is to add value to the company’s product lines and position Citrine Global with a competitive edge in the Wellness market and the Nutritional Supplements market that is expected to reach USD 625 billion by 20301.
Citrine Global will also have access to MyPlant’s database of verified substances and their researched effects on different medical conditions to advance development of Citrine Global’s pharma products positioned to capture market share in the botanical and plant-derived drug market that is expected to reach USD 53 billion by 20262.
About MyPlant Bio Ltd.
MyPlant was founded by Cannasoul Analytics, a leading botanical research and development company and Prof. Dedi Meiri from the Faculty of Biology at the Israeli Institute of Technology (Technion) and a member of the Technion Integrated Cancer Center.
MyPlant Bio is at the cutting edge of scientifically understanding the healing properties of medicinal plants by using cell lines for effective detection of specific active plant compounds as potential treatment for various conditions and medical indications.
MyPlant Bio aims to revolutionize botanical drug development field and owns know-how and intellectual property rights that include the development of platform and cell-disease models enabling to screen plant extracts to understand their biological effect and has a screening platform using cell line models for certain diseases and conditions to detect effective plant materials and other substances for the treatment of these conditions.
MyPlant Bio systems mimic the aspects of different diseases with the biological effects measured by different analyses, such as apoptosis for cancer, cytokines for inflammation, collagen discharge from connective tissues and more, researching a wide range of medical applications. The cell cultures are of human origin and some even originate in human donors according to relevant regulations, which allows the study of human diseases to be as accurate as possible.
About Professor David (Dedi) Meiri
Associate Professor David (Dedi) Meiri comes from a highly diverse background. He holds an M.Sc. in biochemistry and a Ph.D. in plant biotechnology from Tel Aviv University. He conducted his postdoctoral fellowship at the Ontario Cancer Institute. Upon completion of his postdoctoral fellowship, Professor Meiri took a position at the Technion – Israel Institute of Technology, where he heads the "Laboratory of Cancer Biology and Cannabinoid Research” and a member of the Technion Integrated Cancer center. Professor Meiri’s lab consists of a highly trained team of skilled professionals, working in synergy to achieve the highest level of results, to better understand the complexity and diversity of natural components including cannabinoids to realize their full therapeutic potential for human health. On top of other research being conducted in the lab, the main current research interest is how these components affect various types of cancer, inflammatory diseases, and disorders of the nervous system such Epilepsy, Alzheimer, sleep disorders and more.
About Citrine Global Corp. (CTGL) www.citrine-global.com
Citrine Global is a plant-based wellness & pharma solutions company. The company’s business activity is primarily comprised of developing wellness and pharma solutions, focused on science backed plant-based products to improve quality of life and complementary solutions for balancing side effects caused by using medicines, treatments, or an unbalanced lifestyle.
The company’s headquarters and senior management are based in Israel where the company operates via its 100%-owned-subsidiary, CTGL Citrine Global Israel Ltd., & its 60%-owned-subsidiary, Cannovation Center Israel Ltd. The company’s presence in Israel combined with close contacts with leading universities, researchers, companies, shareholder, and governmental support powers the company to access the latest technologies, talent, and innovation to bring innovative solutions to the global market.
The company developed more than 100 researched plant-based formulations and product lines under the brand names of GreenFeels™ and Green Side by Side™ targeting to promote wellbeing and complementary products for balancing selected side effects caused by medicines, treatments, or an unbalanced lifestyle.
The products are manufactured under GMP certification approved by the Israeli Ministry of Health
The company started beta-testing several products in the Israeli market and is planning to sell via distributors, and online & physical shops worldwide focusing on the U.S. market through local teams and partnerships as well as collaborations and mergers & acquisitions of distribution companies.
The products are ready to market targeting the wellness industry and positioned to capture market share in the nutritional supplements market that is expected to reach USD 625 billion by 20303
The product lines of wellness products & nutritional supplements arrive in multiple form factors and include herbals, medicinal mushrooms, vitamins, minerals, and a variety of researched plants known for their healing qualities that contain substances with different anti-inflammatory properties and a variety of health-supportive effects that are relaxing, sleep enhancing, energizing, mood and body balancing, enhancing oral care, alleviating side effects, and more.
The company created an end-to-end strategy that covers all the infrastructure, and activities required for developing, manufacturing, marketing, sales, distribution and bringing to the global market innovative plant-based wellness and pharma products.
The company is building the Green Vision Center, a first-of-its-kind production and innovation center providing in a single location everything required for production, innovation, and release-to-market of plant-based wellness & pharma products.
The company’s mission is to leverage the power of plant-based solutions from nature and bring to market, on a global scale, innovative plant-based wellness and pharma solutions to help improve people’s health and quality of life.
For more information visit our website www.citrine-global.com
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. These forward-looking statements and their implications are based on the current expectations of the management of Citrine Global 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. Factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this communication include but are not limited to trends in target markets; market acceptance of our product offerings, the success of our collaboration with MyPlant, profitability of the new lines of business, effects of competition in the Company’s main markets; ability to establish and maintain strategic relationships in its major businesses, our ability to raise sufficient capital resources to realize our business plan, profitability of the growth strategy; and changes in global, political, economic, business, competitive, market and regulatory forces. Our actual results, performance, or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including the risks discussed under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K and in our other filings with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise that occur after that date, except as required by law.
1 Research, P., 2022. Nutritional Supplements Market to Hit USUSD 624.7 billion by 2030. [online] GlobeNewswire News Room
2 Inkwood Research, Botanical and Plant Derivative Drug Market - Global Forecast 2018-2026. [online]
3 Research, P., 2022. Nutritional Supplements Market to Hit USUSD 624.7 billion by 2030. [online] GlobeNewswire News Room