HAIFA, Israel - Pluri Inc. (NASDAQ:PLUR) (TASE:PLUR), a biotechnology firm, recently announced the launch of two new business verticals, PluriAgtech and PluriCDMO, aimed at leveraging its cell-based technology in agriculture and providing contract development and manufacturing services, respectively. The company's CEO, Yaky Yanay, detailed these initiatives as part of a broader strategy to drive revenue and address global challenges through innovation.
PluriAgtech introduced a cell-based coffee product in January 2024, positioning itself as a sustainable alternative in the $130 billion coffee industry. The company claims this method uses 98% less water than traditional coffee production and could significantly reduce the required growing area, potentially preventing deforestation.
The newly established PluriCDMO division, also launched in January, targets the $5.2 billion cell and gene therapy sector. It offers biotech companies services from its Good Manufacturing Practice (GMP) facility, utilizing proprietary 3D cell-expansion technology. This division has already started generating revenue, with several agreements under negotiation.
Additionally, Pluri Inc. has secured a $4.2 million contract with the U.S. National Institutes of Health (NIH) to advance the development of its PLX-R18 cell therapy as a potential treatment for Hematopoietic Acute Radiation Syndrome (H-ARS), a condition associated with nuclear radiation exposure. The company's collaboration with Bar-Ilan University focuses on developing PLX cells to treat cocaine addiction, with Pluri entitled to a revenue share from future sales.
Ever After Foods, a subsidiary of Pluri, reported a 700% productivity increase in cultivated meat production within its first year, highlighting the potential of Pluri's technology in the food industry.
This news report is based on a press release statement from Pluri Inc.
InvestingPro Insights
As Pluri Inc. (NASDAQ:PLUR) expands its horizons with the introduction of PluriAgtech and PluriCDMO, the financial metrics and expert analysis from InvestingPro provide a comprehensive picture of the company's current market standing. With a market capitalization of $32.25 million, Pluri Inc. is navigating the biotech sector with strategic initiatives aimed at driving revenue growth. Despite not being profitable over the last twelve months, the company's liquid assets exceed its short-term obligations, showcasing a stable financial position to support its new business ventures.
InvestingPro Data indicates that Pluri Inc. has experienced a notable quarterly revenue growth of 5150.0% as of Q2 2024, reflecting the initial success of its newly launched verticals. The company's gross profit margin stands at an impressive 97.48%, suggesting efficient cost management relative to its revenue. However, the negative operating income margin indicates challenges in translating top-line growth to the bottom line. Nonetheless, with a strong return over the last three months of 30.49%, investors may be recognizing the potential in Pluri's innovative approaches.
Two InvestingPro Tips highlight the company's prospects and challenges. Analysts predict that Pluri Inc. will become profitable this year, which could be a turning point for the company's financial performance. On the other hand, the company is quickly burning through cash, which could be a concern if not managed carefully as it scales its operations.
For investors seeking a more in-depth analysis, there are additional InvestingPro Tips available at https://www.investing.com/pro/PLUR. These tips can provide valuable insights into Pluri Inc.'s financial health and market potential. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of information to inform their investment decisions.
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