Pluri Inc. (NASDAQ:PLUR), a biotechnology firm specializing in biological products, announced a change in its executive team with the departure of its Chief Financial Officer (CFO), Ms. Chen Franco-Yehuda. The resignation, effective September 30, 2024, was confirmed on Monday, with personal reasons cited as the cause. The company clarified that there were no disagreements related to operations, policies, or practices that influenced her decision.
Following this development, the company's Board of Directors has appointed Mrs. Liat Zalts as the new CFO and Treasurer, with her term beginning on the same date as Franco-Yehuda's departure. Mrs. Zalts, 40, has been with Pluri Inc. since December 2022 as the Director of Finance. Her prior experience includes serving as CFO for Matics Manufacturing Analytics Ltd. and managing audit groups at Ernst & Young Israel, focusing on public and private companies in the high-tech sector. Mrs. Zalts holds a bachelor's degree in economics and business management from Haifa University, a degree in accounting from Bar Ilan University, and is a certified public accountant in Israel.
Pluri Inc. plans to finalize an employment agreement and a standard indemnification agreement with Mrs. Zalts. The company disclosed that there were no other arrangements or understandings between Mrs. Zalts and any other persons in relation to her appointment, and no transactions necessitating disclosure under SEC regulations.
This corporate update is based on information provided in a recent SEC filing by Pluri Inc.
In other recent news, Pluri Inc. has announced several significant developments. The biotechnology firm has secured $10 million for its majority-owned subsidiary, Ever After Foods Ltd., to enhance its cultivated meat, fish, and seafood production technology.
Pluri Inc. also received continued funding from the U.S. National Institute of Allergy and Infectious Diseases (NIAID) to advance its cell therapy PLX-R18, intended to treat hematopoietic complications of acute radiation syndrome.
In addition to these advancements, Pluri Inc. has been granted a U.S. patent for a novel method of expanding immune cells, which could significantly impact the cell therapy industry. The company has also executed a reverse share split of its common shares at a 1-for-8 ratio.
Furthermore, Pluri Inc. has entered a manufacturing agreement with Remedy Cell Ltd., producing clinical-grade materials for Remedy Cell's drug candidate RC-0315, aimed at treating Idiopathic Pulmonary Fibrosis.
InvestingPro Insights
As Pluri Inc. navigates through the executive transition, investors may be considering the financial health and future prospects of the company. According to recent data from InvestingPro, Pluri Inc. has a market capitalization of $29.31 million and has experienced a significant revenue growth of 93.75% over the last twelve months as of Q3 2024. This suggests a robust expansion in its operations, which could be a positive sign for potential investors. Additionally, the stock has seen a notable return over the last week, with a 22.97% increase in price total return, reflecting a surge in investor confidence following the announcement of the new CFO.
InvestingPro Tips highlight that the company is expected to grow its net income this year, which could signal a turnaround from its current unprofitable status. Moreover, Pluri Inc. is trading at a high revenue valuation multiple, indicating that the market may be anticipating future growth despite the company not being profitable over the last twelve months. It's also worth noting that Pluri Inc. does not pay a dividend, which may influence investment decisions for those seeking regular income streams from their holdings.
Investors interested in a deeper analysis can find additional InvestingPro Tips for Pluri Inc. at https://www.investing.com/pro/PLUR. For those looking to access these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With several more tips available, these insights could be invaluable in making informed investment decisions.
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