27th Aug 2020 15:26
(Alliance News) - Puretech Health PLC on Thursday said it saw a "strong momentum" in the first half of 2020 driven by regulatory approvals and clinical readouts.
The Boston-based clinical stage biotherapeutics company's pretax profit in the first half ended June 30 multiplied to USD174.5 million from USD56.3 million a year prior.
Revenue was up 55% to USD6.8 million from USD4.4 million the year before.
The Internal division's agreements with Roche Holding AG and Boehringer Ingelheim Ltd, as well as the Alivio's agreement with Imbrium Therapeutics LP, and grant revenue associated with Alivio's agreement with the US Army Medical Research Acquisition Activity drove the increase in revenue, the company explained.
Over the course of the period, the company saw its affiliate Akili receive approval to market its EndeavorRx in Europe as a digital treatment for children with attention deficit hyperactivity disorder as well as its other founded entity Gelesis received approval for Plenity as a weight loss treatment.
Operating loss narrowed to USD52.8 million from USD70.3 million a year prior. This was mainly due to operating expenses declining 25%, thanks to the deconsolidation of Karuna and Vor in the first half of 2019.
Chief Executive and Founder Daphne Zohar said: "The first half of 2020 has been an exceptional period for PureTech with the achievement of multiple notable regulatory milestones, important clinical progress and substantial financings and monetisation events across our wholly owned pipeline and founded entities."
Going forward, the company has "a reasonable expectation" that it has enough cash to continue operations for the foreseeable future.
Puretech Health had USD310.5 million in cash at June 30, and received another USD101 million in August from stake sales in affiliate companies.
Zohar said: "We are energised by the progress from the first half of the year, and we aim to continue this momentum across our wholly owned pipeline and our founded entities as we collectively work to deliver highly differentiated medicines for patients and value for shareholders."
Puretech Health shares were down marginally at 272.99 pence each in London on Thursday afternoon.
By Greg Roxburgh; [email protected]
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