TORONTO, CULT Food Science Corp. ("CULT" or the "Company") (CSE: CULT) (OTC: CULTF) (FRA: LN0), an innovative investment platform with an exclusive focus on cellular agriculture that is advancing the development of novel technologies to provide a sustainable, environmental, and ethical solution to the global factory farming and aquaculture crises, is pleased to announce that it has entered into a Memorandum of Understanding (the "MOU") with Peqish Group, Food & Hospitality Inc. ("Peqish") with the intent to enter into a Strategic Collaboration Agreement (the "Agreement"). Pursuant to the basic terms outlined in the MOU, each entity has agreed to exchange CA$250,000 worth of each other's common shares and to enter into a joint venture for the purpose of developing cellular agriculture food products that adhere to the guiding principles of culinary medicine as established by Peqish (the "Joint Venture").
Culinary medicine is core to Peqish's competitive strategy, which combines evidence-based medical science with cooking.1 Medical foods are those that are specially formulated and intended for the dietary management of a disease that has distinctive nutritional needs that cannot be met by normal diet alone.2 The Joint Venture is expected to pursue clinical trials to validate products developed by Peqish and CULT. Peqish has agreed to provide its insights, industry network and knowledge in the culinary medicine and clinical areas, as well as access to its team of clinical and scientific experts for the clinical trials, which both Peqish and CULT believe are vital in the process of developing new products. Conversely, CULT shall be responsible for design research, new ideation and validation, program management, recruitment and investment with respect to the Joint Venture.
The MOU also proposes that Dr. Marotta will join CULT's scientific advisory board. As CEO of Peqish, Dr. Marotta is an experienced executive and serial entrepreneur with a demonstrated history of success. He has experience in business, operations, product development and science with a sound clinical understanding of Personalised Medicine, Drug and Biomarker Development, Health and Wellness (Food), Autoimmunity, Gastroenterology, Pathology and Oncology.
Peqish was founded by Dr. Anthony Marotta and Dr. Kenneth To, who are two scientists that wanted to create a platform of healthy food that is high in quality, prevents and treats disease, and restores well-being. With instance of food-related illness increasing, the founders believed that it was time to make a change and to also start educating people around the world to make healthier food and beverage choices and to inform consumers about the importance of nutritious diets and reliable scientific food information.
In addition to the patents and other intellectual property ("IP") that are expected to arise as a result of the Agreement and its clinical trials, CULT has previously announced the filing of three patents related to innovations in cellular agriculture. The Company and its affiliates, via the License Agreement with Cella Food Systems Inc. ("Cella"), also has the non-exclusive right to use Cella's IP portfolio for 15 years. Developing IP on its own, directly with Peqish and Cella, as well as indirectly via the ventures in which it has invested is a core strategic pillar of the Company.
Management Commentary
"Entering into the MOU with Peqish is expected to result in a definitive Strategic Collaboration Agreement in the near future. The importance of working together to conduct clinical trials is paramount if we want to discover new medical foods rooted in cellular agriculture," said Lejjy Gafour, Chief Executive Officer of CULT. "By working with Cella, Peqish and others to create innovative cell-based products, we feel that CULT and its affiliates will eventually help alleviate the food insecurity and supply chain issues that are currently plaguing the world," added Mr. Gafour.
Source : Newswire.ca