LONDON (Alliance News) - PureTech Health PLC on Tuesday said its loss narrowed in the first half of 2018 following a contract win with pharma firm Eli Lilly & Co.
The biopharmaceutical company said its pretax loss narrowed significantly to USD16.1 million in the six months to June 30 from USD67.2 million reported for the same period a year ago, as revenue multiplied to USD5.0 million from USD665,000.
PureTech said it gained a USD41.7 million on the deconsolidation of two affiliates, Akili and resTORbio. PureTech Health said it maintains an equity stake and a presence on each company's board of directors, but it no longer holds a majority equity position or majority board control in each of these companies.
The revenue came from the company subsidiary Entrega's research collaboration with Eli Lilly & Co. Under the terms of the agreement, Entrega received USD5.0 million in equity and research funding from Lilly, in return for its peptide delivery technology.
During the period, PureTech said it progressed research and clinical activities across the pipeline in line with its forecasted expectations.
In the affiliates division, PureTech said it continued to invest in infrastructure to support the potential launches of both Gelesis100 for the treatment of obesity and AKL-T01 for the treatment of paediatric attention deficit hyperactivity disorder.
Both product candidates were filed with the US Food & Drug Administration for review.
PureTech Health is advancing several programmes within its Internal division, it said.
"This has been an exciting and fast-paced first-half for PureTech Health, with several material advances and milestones reached in our Affiliates division," said Co-Founder & Chief Executive Daphne Zohar.
"PureTech Health is in a strong position to execute on its business strategy and generate significant value across its Affiliates and Internal divisions," added Chief Financial Officer Joep Muijrers.
Shares in PureTech were trading 0.9% lower on Tuesday at 155.52 pence each.
PureTech (PRTC)