25th Aug 2015 07:58
LONDON (Alliance News) - PureTech Health PLC Tuesday reported a narrowed pretax loss for its first half, as a rise in revenue helped offset costs related to its listing on the London Stock Exchange in June.
PureTech raised USD196 million in its initial public offering, having raise USD52.2 million in a private funding round before its flotation.
For the half year to end-June the company posted a pretax loss of USD15.5 million, narrowed from a pretax loss of USD32.8 million a year before, as a rise in revenue to USD11.0 million from USD1.1 million helped offset a step up in operating expenses related to its listing, as well as an increase in research and development costs as it ramped up development at its portfolio companies.
The increase in revenue was primarily due to a USD10 million payment its portfolio company Vedanta Biosciences received as part of a collaboration with Janssen Biotech Inc to develop and commercialise microbiome product candidate VE202.
The company owns around an average 75% shareholding in twelve operating companies across a range of healthcare applications.
It noted that the consolidated statements of financial position of these operating companies incorporated within PureTech's consolidated financial statements do not include current valuations of the operating companies. As a result of this, and its limited revenue as many of its products are still in clinical development, it believes its consolidated financial statements do not "currently provide a meaningful standalone basis for assessing the value or performance of PureTech."
"The first half-year of 2015 was a transformational period: we raised approximately USD250 million, made significant appointments to the board of directors and enhanced the position of our portfolio of operating companies. We are extremely excited about the future prospects for the Company," said Chief Executive Officer Daphne Zohar in a statement.
Shares in PureTech were up 0.7% at 140.79 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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