Losses at PureTech Health PLC (LON:PRTC) widened last year as the healthcare firm ramped up investment in research and development.
Operating loss for the six months ended 30 June climbed by a third to US$70.3mln (2018: US$52.3mln), largely as a result of hefty pre-commercialisation costs associated with Gelesis – a drugmaker in which PureTech owns a 20% stake.
READ: Puretech Health hails US approval of weight loss aid Plenity
Earlier this year, Gelesis received the green light from US regulators to start selling its weight reduction aid, Plenity.
PureTech said this approval, combined with a handful of other notable achievements, had made the past six months a “transformational” period.
“This has been a transformational period for PureTech, with positive developments across the group including the FDA clearance of Gelesis' PLENITY, Karuna's Nasdaq IPO, two new collaborations with major pharmaceutical companies, the acquisition of a wholly-owned, clinical-stage product candidate for lymphedema several data presentations and trial initiations, and a significantly strengthened financial position across the group,” said co-founder and chief executive Daphne Zohar.
“This continued momentum across PureTech's internal and affiliate programmes underscores PureTech's focus on delivering highly differentiated medicines for devastating diseases and driving value for our shareholders through growth and potential monetization events.”
Shares were 4.4% to 282p in early deals on Tuesday.