LONDON (Alliance News) - PureTech Health PLC on Friday said investee company Gelesis has completed a USD31.5 million growth financing round.
According to the healthcare company, new investors in Gelesis include Cormorant Asset Management, which joined existing shareholders Invesco Asset Management, the Priztker/Vlock and PureTech. They all participated in the clinical stage biotechnology company's funding round.
"Proceeds of the financing will be used to complete a six-month US Food and Drug Administration pivotal trial of Gelesis100 in overweight and obese patients with topline data available in the first half of 2017, support commercial readiness activities and complete first-in-human studies of Gelesis200 for patients with prediabetes and type 2 diabetes," a company statement said.
PureTech contributed about USD7.0 million in the funding round, meaning its ownership of Gelesis remains substantially the same as prior to the financing, at 22.5% on a diluted basis. "With this financing round and the acceleration of the US trial commencement, PureTech believes that its ownership adjusted value has increased by more than USD7.0 million from the previously reported balance," the company said.
Shares in PureTech were untraded on Friday, having closed at 170.00 pence on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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