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LONDON (Alliance News) - PureTech Health PLC Thursday said it enters 2016 with a "robust pipeline and strong fundamentals", as it reported a narrowed pretax loss for 2015, its first full year results since listing on the London Stock Exchange last June.
The company reported a pretax loss of USD56.3 million for 2015, narrowed from a pretax loss of USD76.2 million in 2014, as a rise in revenue to USD11.8 million from USD2.2 million, and IAS 39 fair value accounting charge helped offset a step-up in operating costs related to its listing.
The IAS 39 fair value accounting charge relates to derivative liabilities associated with subsidiary preferred stock conversion rights, convertible notes and warrants, and reduced to USD7.5 million in 2015 from USD48.9 million a year before as a result of automatic conversion options embedded in the preferred stock of its Gelesis business, which accounted for USD50.7 million of PureTech's net finance cost in 2014.
The revenue increase was primarily due to a USD10.0 million milestone payment to PureTech's subsidiary Vedanta Biosciences, from a licensing agreement with Janssen Biotech Inc.
PureTech raised UD248 million during the year, it said, including USD196 million in its initial public offering, and USDD69.8 million raised by its growth stage businesses.
PureTech said it currently has 20 clinical studies advancing through its pipeline, and made a number of significant advancements during the year. This included its subsidiary Gelesis starting a weight loss trial for its Gelesis100 treatment, its Akili business beginning a pilot study in paediatric attention deficit hyperactivity disorder and its Tal Medical business enrolling the first subject in a dose optimisation study.
Elsewhere the company also made several high profile appointments, including adding the former Chief Executive Officer of Sanofi SA Chris Viehbacher, and former Chief Executive Officer of Pearson PLC, Marjorie Scardino, to its board.
"We further strengthened and expanded our pipeline which is focused on areas of escalating scientific and clinical importance, including those at the intersection of the immune, gastrointestinal and central nervous systems. We now have 20 ongoing clinical studies and will have multiple pivotal study read-outs over the next two years. In addition to our advanced programmes, we have 15 exciting project phase businesses and concept phase initiatives that are progressing through our validation process," said Chief Executive Officer Daphne Zohar in a statement.
"We enter 2016 with a robust pipeline and strong fundamentals. With our outstanding team and network, we are well positioned to deliver significant value for our shareholders," Zohar added.
Shares in Puretech Health were up 0.9% at 140.00 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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