HAIFA, Israel - Pluri Inc. (NASDAQ:PLUR) (TASE:PLUR), a biotechnology company specializing in cell-expansion technologies, has entered a strategic proof of concept (POC) agreement with an undisclosed leading international agriculture corporation.
The collaboration aims to enhance the global vegetable supply, streamline supply chains, and promote sustainable agricultural practices amid growing concerns over climate change.
The partnership plans to leverage Pluri's proprietary 3D cell expansion technology, which is expected to offer benefits to farmers worldwide by creating an agronomically and environmentally friendly infrastructure.
This technology is anticipated to contribute to sustainable, high-quality agricultural solutions, addressing the urgency for alternative agricultural technologies as the global population, currently over 7.5 billion, is projected to reach 8.6 billion by 2030.
Yaky Yanay, CEO and President of Pluri, expressed confidence that the collaboration would yield positive impacts on the vegetable market and create significant value for shareholders. He emphasized the alignment of this initiative with the company's strategy to work with industry leaders from various sectors.
The global vegetable farming market, valued at $1.3 trillion, is forecasted to grow to $1.6 trillion by 2029, with a compound annual growth rate (CAGR) of 3.4% from 2024 to 2029. Pluri's engagement with the agriculture corporation is set against this backdrop of market growth.
Pluri Inc. is known for its cell-based products aimed at addressing challenges in medicine, climate change, food scarcity, and more. The company operates in regenerative medicine, foodtech, and agtech sectors, offering Contract Development and Manufacturing Organization (CDMO) services and establishing partnerships to apply its 3D cell-based technology across various industries.
The information reported is based on a press release statement. It should be noted that forward-looking statements involve risks and uncertainties, and actual results may differ materially.
Pluri has cautioned that changes in technology, market requirements, and regulatory approvals, among other factors, could impact the outcomes of their collaborations and product developments.
In other recent news, Pluri Inc. underwent a significant executive shift as CFO Chen Franco-Yehuda resigned, citing personal reasons, and Liat Zalts was appointed as her successor. Zalts, previously the Director of Finance at Pluri Inc., brings a wealth of experience from her time at Matics Manufacturing Analytics Ltd. and Ernst & Young Israel.
Further, Pluri Inc. has seen a flurry of activity with its subsidiary Ever After Foods Ltd. securing $10 million to enhance its cultivated meat, fish, and seafood production technology. The funding round, led by global corporates, is expected to address scalability challenges within the cultivated food industry.
In addition, Pluri Inc. continues to advance its cell therapy PLX-R18, designed to treat hematopoietic complications of acute radiation syndrome, with continued funding from the U.S. National Institute of Allergy and Infectious Diseases. The company also secured a U.S. patent for a novel method of expanding immune cells, which could significantly impact the cell therapy industry.
Other developments include a reverse share split of its common shares at a 1-for-8 ratio and a manufacturing agreement with Remedy Cell Ltd. to produce clinical-grade materials for Remedy Cell's drug candidate RC-0315, aimed at treating Idiopathic Pulmonary Fibrosis. These are some of the recent developments from Pluri Inc.
InvestingPro Insights
As Pluri Inc. (NASDAQ:PLUR) embarks on its strategic collaboration to revolutionize the global vegetable market, investors are closely watching the company's financial health and market performance. According to the latest data from InvestingPro, Pluri's market capitalization stands at a modest 31.2 million USD, reflecting its position as a niche player in the biotechnology and agtech sectors.
The company's revenue growth has been impressive over the last twelve months as of Q3 2024, with an increase of 93.75%, showcasing its potential to capitalize on the growing demands of sustainable agriculture. However, it's important to note that Pluri's revenue for the same period was 0.34 million USD, which, while growing, indicates that the company is still in the early stages of commercializing its technologies.
Investors should be aware that Pluri is currently trading at a high revenue valuation multiple and has been experiencing significant stock price volatility. The company's stock price has seen a large uptick of 31.69% over the last six months, suggesting investor optimism about its future prospects. An InvestingPro Tip highlights that analysts predict the company will be profitable this year, a potential turning point for Pluri as it aims to leverage its proprietary technology in the agriculture sector.
For those considering an investment in Pluri, it's noteworthy that the company operates with a moderate level of debt and its liquid assets exceed short-term obligations, providing some financial stability. Additionally, Pluri does not pay a dividend to shareholders, which is typical for growth-focused biotech companies reinvesting earnings into research and development.
For more detailed analysis and additional InvestingPro Tips, visit InvestingPro. Readers can also take advantage of the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking access to a total of 10 InvestingPro Tips that provide deeper insights into Pluri's financials and market potential.
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