PureTech Health yearly loss widens but remains optimistic

(Alliance News) - PureTech Health PLC on Friday said its loss widened in 2022 and revenue declined, though it hailed an "exceptional" year and expects further success in 2023.

The Boston-headquartered biotechnology company said its pretax loss in 2022 stretched to USD92.8 million from USD59.0 million in 2021. PureTech Health's revenue decreased by 10% to USD15.6 million from USD17.3 million.

PureTech Health said its research and development expenses increased by 38% to USD152.4 million from USD110.5 million the previous year. It also reported a USD32.1 million loss on investments held at fair value, swinging from a gain of USD179.3 million in 2021.

PureTech Health completed five clinical trials in 2022, which Chief Executive Officer Daphne Zohar said was "our busiest year in the clinic yet".

"2022 was an exceptional year that has shaped the next phase of PureTech's development and furthered our mission of giving life to new classes of medicines to change the lives of patients with devastating diseases," Zohar added.

"Looking ahead to the next 12 months, we anticipate multiple important catalysts. We have also advanced several additional molecules into candidate selection, and we expect to announce progress towards the clinic with these new candidates in due course. PureTech is poised for another dynamic year as we enter the next phase of our growth with a promising wholly owned pipeline. We believe we are in a position to move these new medicines forward quickly and efficiently, and we expect to achieve a number of milestones over the course of 2023 and beyond."

Platforms and programmes across PureTech Health's wholly owned pipeline and founded entities have resulted in 27 therapeutics and therapeutic candidates. In 2022 this included the advancement of four clinical stage therapeutic candidates.

Shares in PureTech Health were down 2.6% at 205.00 pence in London on Friday.

By Emma Curzon, Alliance News reporter

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