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PureTech in 'strong' position despite swinging to net loss
24th Aug 2021 07:42
(Sharecast News) - Biotechnology company PureTech Health swung to a loss in its first half, it said on Tuesday, amid rising costs.
The FTSE 250 company reported a net loss of $75.4m (£55.94m), swinging from a $124m profit a year ago, which the board put down to increased costs, as well as a fall in contract revenue.
"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," said founder and chief executive officer Daphne Zohar.
"Our wholly-owned programmes have rapidly accelerated and grown, with six therapeutic candidates now in development to potentially address serious patient needs.
"Our founded entities have also had a productive period."
At 0919 BST, shares in PureTech Health were up 1.65% at 339p.
The FTSE 250 company reported a net loss of $75.4m (£55.94m), swinging from a $124m profit a year ago, which the board put down to increased costs, as well as a fall in contract revenue.
"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," said founder and chief executive officer Daphne Zohar.
"Our wholly-owned programmes have rapidly accelerated and grown, with six therapeutic candidates now in development to potentially address serious patient needs.
"Our founded entities have also had a productive period."
At 0919 BST, shares in PureTech Health were up 1.65% at 339p.