HAIFA, Israel - Pluri Inc. (NASDAQ:PLUR) (TASE:PLUR), a biotechnology firm, has received continued funding from the U.S. National Institute of Allergy and Infectious Diseases (NIAID) to advance its cell therapy PLX-R18, designed to treat hematopoietic complications of acute radiation syndrome (H-ARS). The U.S. NIAID, part of the National Institutes of Health (NIH), has exercised the second-year option of a three-year contract worth $4.2 million, initially entered into with Pluri in July 2023.
This phase of the contract, spanning from July 1, 2024, to June 30, 2025, will provide Pluri with $1.4 million to manufacture PLX-R18 and to conduct in-vitro and in-vivo studies. H-ARS, the focus of the treatment, results from exposure to high levels of ionizing radiation, potentially occurring during nuclear incidents. The U.S. Food and Drug Administration (FDA) has previously greenlit an Investigational New Drug application for PLX-R18 and granted it Orphan Drug Designation.
Pluri's collaboration with the U.S. Department of Defense's Armed Forces Radiobiology Research Institute has yielded significant development in PLX-R18 as a potential H-ARS treatment. Clinical trials have shown that PLX-R18, administered post-exposure, significantly increased survival rates in animal models. Human trials have also indicated a favorable safety profile and improvements in blood cell counts following treatment.
Yaky Yanay, CEO and President of Pluri, expressed gratitude towards NIAID for their continued support and highlighted the potential of PLX-R18 in addressing the medical challenges posed by nuclear disasters. The ongoing research aims to progress PLX-R18 towards marketing approval and potential inclusion in the U.S. Strategic National Stockpile post-FDA approval.
Pluri Inc. is at the forefront of creating cell-based products for commercial use, leveraging its proprietary 3D cell expansion system across various industries, including regenerative medicine, foodtech, and agtech. The company also offers Contract Development and Manufacturing Organization (CDMO) services.
The information in this article is based on a press release statement from Pluri Inc. and does not include any marketing promotions or subjective claims.
In other recent news, Pluri Inc., a biotechnology firm, has been making significant strides in the cell therapy industry. The company has secured a U.S. patent for a novel method of expanding immune cells, which could significantly impact the cell therapy industry. This technology enables the efficient mass production of immune cells while maintaining their integrity and therapeutic efficacy, promising for patients with immune disorders and neurodegenerative diseases.
Pluri Inc. has also announced a reverse share split of its common shares at a ratio of 1-for-8. The reverse share split will consolidate every eight existing common shares into one new share, reducing the total common shares from 41,816,959 to approximately 5,227,120.
In a strategic move, Pluri Inc. has entered a manufacturing agreement with Remedy Cell Ltd. Through its contract development and manufacturing organization (CDMO) division, PluriCDMO™, the company will produce clinical-grade materials for Remedy Cell's RC-0315, a drug candidate aimed at treating Idiopathic Pulmonary Fibrosis (IPF).
Adding to its list of achievements, Pluri Inc. has secured a patent that could significantly impact the agricultural technology (agtech) sector. The patent pertains to a system for 3D cultivation of plant cells and methods of use, which enables efficient cultivation of plant cells for various applications.
Lastly, Pluri Inc. has announced the appointment of attorney James Roosevelt Jr. to its Advisory Board. Roosevelt brings a wealth of experience in healthcare policy and business strategy to the company, which is expected to aid Pluri's strategic growth, particularly in regenerative medicine.
InvestingPro Insights
Pluri Inc. (NASDAQ:PLUR) has shown a commendable commitment to advancing its cell therapy PLX-R18, with the backing of the U.S. National Institute of Allergy and Infectious Diseases. As the company focuses on bringing this innovative treatment to the market, let's explore some financial aspects that investors and stakeholders should consider.
InvestingPro Data reveals a market capitalization of $30.19 million USD, highlighting the company's relatively small size within the biotech industry. Despite the challenges often faced by smaller firms, Pluri's revenue has seen an impressive growth of 93.75% over the last twelve months as of Q3 2024. This suggests a strong capacity for scaling its operations, although it's important to note that revenue growth on a quarterly basis has seen a decline of 18.39% in Q3 2024.
One of the InvestingPro Tips for Pluri Inc. is that the company is quickly burning through cash, which is a common occurrence for biotech firms in the development stage. Investors should consider this alongside the fact that Pluri's liquid assets exceed its short-term obligations, providing some financial cushioning. Additionally, the company operates with a moderate level of debt, which may offer some stability as it continues to invest in research and development.
While Pluri has not been profitable over the last twelve months, analysts predict the company will be profitable this year. This is a crucial consideration for potential investors, as it indicates a turning point that could lead to future growth and stability. It's worth noting that Pluri does not pay a dividend to shareholders, which is typical for growth-focused biotech companies reinvesting earnings into research and development.
For those considering an investment in Pluri Inc., InvestingPro offers additional tips and insights. There are currently 7 more InvestingPro Tips available, which can provide a deeper understanding of the company's financial health and market position. Readers interested in these insights can explore further by visiting https://www.investing.com/pro/PLUR and can take advantage of an additional 10% off a yearly or biyearly Pro and Pro+ subscription with the coupon code PRONEWS24.
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