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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
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.
About this update from Citrine Global Corp.
[{"type":"text","content":"\n 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 medic...