Maiden results: transformational period with significant fundraising, enhanced Board of Directors and well-positioned operating companies
PureTech Health plc (“PureTech” or the “Company”, LSE: PRTC), a science-driven healthcare company seeking to solve some of the toughest health challenges in disruptive ways, today announces its half-yearly results for the six months ended 30 June 2015.
Operational Highlights
• PureTech raised gross proceeds of $196m in its initial public offerring on the Main Market of the London Stock Exchange (including full exercise of the overallotment option post period-end), having closed a private round for gross proceeds of $52.2m earlier in the period
• Elected two new members to the Board of Directors: Chris Viehbacher, former Chief Executive Officer of Sanofi, and Marjorie Scardino, former Chief Executive Officer of Pearson
• Appointed Joi Ito, MIT Media Lab’s Director, as Chairman of the Board of Directors, succeeding Ben Shapiro, former Executive Vice President Merck Research Laboratories, who will remain on the Board
• Portfolio company highlights:
o Vedanta Biosciences entered into a licensing agreement with Janssen Biotech for a non-refundable upfront payment and milestone payments of up to $339m plus tiered royalties to develop and commercialise one of Vedanta’s microbiome product candidates VE202
o Gelesis raised $22.3m, of which PureTech invested $3m
o Tal Medical raised $14.5m, of which PureTech invested $5m
o Akili Interactive Labs entered into a collaboration with leading Autism patient advocacy group, Autism Speaks, to run a clinical study in paediatric autismvv
o The Sync Project announced a partnership with one of the world’s leading colleges of contemporary music, Berklee College of Music
o Gelesis completed the acquisition of Academica Life Sciences for $1.1m o Sonde Health launched to develop voice-based tools for the remote assessment and tracking of patient health
Financial Highlights
• Cash and short term investments at 30 June 2015 of $291.1mv
• Total assets increased by $232.5m
• Operating loss of $11.6m ($4.9m in HY2014)
Post-period Highlights
• Gelesis expanded its ongoing weight loss study into the U.S. to serve as a pivotal trial following a non-signficant risk designation from the U.S. Food and Drug Administration (FDA), accelerating timelines for FDA submission by approximately one year
• Karuna Pharmaceuticals received a Translation Fund Award from the Wellcome Trust of up to $3.84m
• The Sync Project named Marko Ahtisaari, former Chief of Design at Nokia and entrepreneur, as Chief Executive Officer
Commenting on the Company’s half year results, Daphne Zohar, Chief Executive Officer of PureTech, said: “The first half-year of 2015 was a transformational period: we raised approximately $250 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.” For more information, please contact: PureTech Daphne Zohar, Chief Executive Officer Stephen Muniz, Executive Vice President, Legal, Finance and Operations
Julie DiCarlo, Senior Vice President, Communications and Investor Relations +1 617 456 0032
FTI Consulting (Communications adviser to PureTech)
Ben Atwell
Matthew Cole
Rob Winder
Natalie Garland-Collins
+44 (0) 20 3727 1000
For more information, visit www.puretechhealth.com and connect with PureTech on Twitter and LinkedIn.
This half-yearly results release may contain forward-looking statements. These statements reflect the Board’s current view, are subject to a number of material risks and uncertainties and could change in the future. Factors that could cause or contribute to such changes include, but are not limited to, the general economic climate and market conditions, as well as specific factors relating to the financial or commercial prospects or performance of individual operating companies within the Company’s businesses. Throughout this half-yearly results release, the Company’s ownership interests in operating companies are calculated on a diluted basis, including issued and outstanding shares, warrants and (and written commitments to issue options) options to purchase shares, but excluding unallocated shares authorised to be issued pursuant to equity incentive plans and any shares issuable upon conversion of outstanding convertible promissory notes.
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