Pluri CEO issues letter to shareholders on progress in 2022

Pluri issued the following update to shareholders from CEO and President Yaky Yanay and announced that as planned the Company’s joint venture with Tnuva Group has successfully achieved proof of concept in its development of cultivated meat based on Pluri’s proprietary 3D cell-based technology platform. "As we look toward a promising year ahead, I am proud to reflect on all that Pluri has achieved throughout 2022. This year, we launched a new Company strategy leveraging on our 3D cell-based technology platform to improve human wellbeing, increase sustainability, and advance solutions to humanity’s greatest challenges… We marked this evolution of our Company by adopting a new name, Pluri, representative of the many ways that our cell-based solutions can tackle some of our planet’s greatest challenges… Earlier this year, we formed a joint venture with Tnuva Group, Israel’s largest food producer, to develop cultivated meat products… Today, I am proud to report that our joint venture has successfully completed proof of concept in its development of cultivated meat based on our cell-based technology platform. While we were setting an aggressive development plan for the R&D teams it was important for me to see that we were able to meet each and every milestone we set, which indeed happened – and most of the time ahead of schedule…Pluri launched a second technology collaboration in September, this time with one of the leading European manufacturers of active pharmaceutical ingredients. The market for biologic medications is expected to nearly double by 2030 to an estimated $720 billion, and Pluri anticipates to continue to generate revenues from this collaboration in the coming months… Earlier this year, we announced positive final results from a Phase I hematology study of the safety and potential efficacy of injecting Pluri’s PLX-R18 cells in patients recovering from hematopoietic cell transplantation… In addition, Pluri and our partners in PROTO, an international collaboration led by Charite, Berlin Institute of Health Center for Regenerative Therapies, studying the treatment of mild-to-moderate knee osteoarthritis using Pluri’s PLX-PAD cells, were awarded a EUR 7.5 million non-dilutive grant from the European Union’s Horizon Europe program…Pluri remains well positioned to capitalize on these achievements and expand on our progress in 2023, following actions earlier this year to reduce the Company’s cash burn by an estimated 30%… I deeply believe in the promise of Pluri and the new path forward that we began forging this year. We believe our new strategy has yielded significant achievements in recent months that set us up for further success in 2023. With that in mind, I decided to forego $375,000 of my cash salary over the next 12 months and instead receive equity grants."