{"id":530693,"date":"2021-08-24T02:03:13","date_gmt":"2021-08-24T06:03:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/puretech-health-plc-half-year-report\/"},"modified":"2021-08-24T02:03:13","modified_gmt":"2021-08-24T06:03:13","slug":"puretech-health-plc-half-year-report","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/puretech-health-plc-half-year-report\/","title":{"rendered":"PureTech Health plc \u2013 Half-Year Report"},"content":{"rendered":"

<\/p>\n

PureTech Health plc \u2013 Half-Year Report<\/b><\/p>\n

Strong capital base and cash runway expected into the first quarter of 2025, with PureTech level cash and cash equivalents of $409.7 million1<\/sup> and consolidated cash and cash equivalents of $439.8 million2<\/sup> as of June 30, 2021<\/i><\/p>\n

Continued advancement of PureTech\u2019s Wholly Owned Programs, with two Phase 2 and four Phase 1 clinical trials underway and key preclinical data published in peer-reviewed journals for two of PureTech\u2019s four lymphatic and inflammation platforms<\/i><\/p>\n

Significant developments across the Founded Entities, Vor\u2019s Nasdaq listing, Gelesis\u2019 merger agreement with Capstar SPAC to become publicly-traded, Karuna\u2019s progress with its Phase 3 program for KarXT in schizophrenia and Akili\u2019s scaled U.S. commercialization of EndeavorRx\u00ae<\/sup><\/i><\/p>\n

Company to host a webcast and conference call today at 9:00am EDT \/ 2:00pm BST<\/i><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nPureTech Health plc (Nasdaq: PRTC, LSE: PRTC) (\u201cPureTech\u201d or the \u201cCompany\u201d) today announces its half-yearly results for the six months ended June 30, 2021. PureTech is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercializing highly differentiated medicines for devastating diseases, including inflammatory, fibrotic and immunological conditions, intractable cancers, lymphatic and gastrointestinal diseases and neurological and neuropsychological disorders, among others. The Company has created a broad and deep pipeline through the expertise of its experienced research and development team and its extensive network of scientists, clinicians and industry leaders. This pipeline, which is being advanced both internally and through PureTech’s Founded Entities3<\/sup>, is comprised of 25 therapeutics and therapeutic candidates, including 15 that are clinical stage and two that have received both U.S. Food and Drug Administration (FDA) clearance and European marketing authorization. The following information will be filed on Form 6-K with the United States Securities and Exchange Commission and is also available at https:\/\/investors.puretechhealth.com\/financials-filings\/reports<\/a>.\n<\/p>\n\n\n\n\n
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\n1.\n<\/p>\n<\/td>\n

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\nPureTech Level Cash and Cash equivalents as of June 30, 2021 represent cash and cash equivalents held at PureTech Health plc and its wholly-owned subsidiaries only. Please refer to the Financial Review section of this report for additional detail.\n<\/p>\n<\/td>\n<\/tr>\n

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\n2.\n<\/p>\n<\/td>\n

\n\n

\nConsolidated Cash and cash equivalents as of June 30, 2021 represent cash and cash equivalents of $439.8 million as shown on the Consolidated Statements of Financial Position.\n<\/p>\n<\/td>\n<\/tr>\n

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\n3.\n<\/p>\n<\/td>\n

\n\n

\nWhile PureTech maintains ownership of equity interests in its Founded Entities, the Company does not, in all cases, maintain control over these entities (by virtue of (i) majority voting control and (ii) the right to elect representation to the entities\u2019 boards of directors) or direct the management and development efforts for these entities. Consequently, not all such entities are consolidated in the Company\u2019s financial statements. Where PureTech maintains control, the entity is referred to as a Controlled Founded Entity in this report and is consolidated in the financial statements. Where PureTech does not maintain control, the entity is referred to as a Non-Controlled Founded Entity in this report and is not consolidated in the Company\u2019s financial statements. As of June 30, 2021, PureTech\u2019s Controlled Founded Entities included Follica Incorporated, Vedanta Biosciences, Inc., Sonde Health, Inc. and Entrega, Inc., and PureTech\u2019s Non-Controlled Founded Entities included Gelesis, Inc., Karuna Therapeutics, Inc., Akili Interactive Labs, Inc. and Vor Biopharma Inc. Relevant ownership interests for Founded Entities were calculated on a diluted basis (as opposed to a voting basis) as of June 30, 2021, including outstanding shares, options and warrants, but excluding unallocated shares authorized to be issued pursuant to equity incentive plans. Vedanta ownership was calculated on a diluted basis as of July 16, 2021. For each of Karuna and Vor, ownership was calculated on an outstanding voting share basis as of June 30, 2021.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Webcast and conference call details<\/b><\/p>\n

\nMembers of the PureTech management team will host a conference call at 9:00am EDT \/ 2:00pm BST today, August 24, 2021, to discuss these results. A live webcast and presentation slides will be available on the investors section of PureTech\u2019s website under the Events and Presentations tab. To join by phone, please dial:\n<\/p>\n

\nUnited Kingdom: 0800 640 6441
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United Kingdom (Local): 020 3936 2999
\n
United States: 1 855 9796 654
\n
United States (Local): 1 646 664 1960
\n
All other locations: +44 20 3936 2999
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Access code: 499281\n<\/p>\n

\nFor those unable to listen to the call live, a replay will be available on the PureTech website.\n<\/p>\n

\nCommenting on PureTech\u2019s half-yearly results, Daphne Zohar, Founder and Chief Executive Officer of PureTech, said:\n<\/p>\n

\n\u201cThis has been another strong period for PureTech. We have made exciting clinical progress across both our Wholly Owned Pipeline and our Founded Entities, and substantial financial momentum leaves us in an excellent position to continue delivering on our promise to patients and to creating value for shareholders.\n<\/p>\n

\n\u201cOur Wholly Owned Programs have rapidly accelerated and grown, with six therapeutic candidates now in development to potentially address serious patient needs. LYT-100 is being evaluated in two ongoing Phase 2 clinical trials in Long COVID and breast cancer-related lymphedema, and we have also initiated three additional Phase 1 clinical trials to further inform the development of LYT-100 in these indications as well as in idiopathic pulmonary fibrosis (IPF). We look forward to sharing our potentially registration-enabling development plans in IPF in the fourth quarter of this year following discussion with the FDA and other regulatory bodies. Additionally, the Phase 1 portion of a Phase 1\/2 trial of LYT-200 for the potential treatment of difficult-to-treat solid tumors is expected to read out in the fourth quarter of this year, and \u2013 pending the results \u2013 a Phase 2 trial is planned to evaluate LYT-200 both alone and in combination with BeiGene\u2019s tislelizumab or chemotherapy.\n<\/p>\n

\n\u201cOur Founded Entities have also had a productive period. Gelesis\u2019 merger agreement with Capstar Special Purpose Acquisition Corp., upon completion, will make it the third of PureTech\u2019s Founded Entities to become publicly traded. Along with Vor (Nasdaq:VOR) and Karuna (Nasdaq:KRTX), these three entities will have a combined value of over $5.4 billion as of June 30th, including the expected valuation of Gelesis following the completion of its Capstar merger. In addition to our equity holdings across all of our Founded Entities, we are also due royalties on potential product sales from Gelesis, Karuna and Follica. Royalties due to us from each of those programs could potentially be worth as much as – or more than – our equity in each program, depending on the extent of future product sales.\n<\/p>\n

\n\u201cOur pioneering hub and spoke model of developing new medicines has yielded 25 therapeutics and therapeutic candidates to date with clinical development success rates that significantly outperformed biopharma industry averages. The common theme underlying all of these programs has been to start with a tremendous patient need and to identify or invent a solution based on signals of human efficacy and clinically validated biology. In many cases, this approach has enabled us to advance a new candidate with a significantly de-risked profile, resulting in what we believe are differentiated treatments for devastating diseases.\n<\/p>\n

\n\u201cI remain proud of and energized by the progress our team has made this year, and I look forward to the many milestones ahead throughout the remainder of 2021 and into 2022. \u201c\n<\/p>\n

Operational Highlights<\/b><\/p>\n

Wholly Owned Programs4<\/sup><\/b><\/p>\n

\nPureTech\u2019s team, network and insights and expertise in the biology of the brain, immune and gut, or BIG, systems and the interface between those systems, referred to as the BIG Axis have enabled the rapid advancement and growth of the Company\u2019s Wholly Owned Programs. Focused on the lymphatic system and related immunological and inflammatory disorders, PureTech\u2019s Wholly Owned Pipeline currently consists of six therapeutic candidates including:\n<\/p>\n