(Alliance News) - PureTech Health PLC on Wednesday said it made "strong strategic and clinical progress" in 2023, and predicted "a productive and exciting" tear to come.
The Boston, Massachusetts-based biotechnology company said its "strong progress" this year included its successful LYT-300 clinical trial of acute anxiety, and initial data from the ongoing LYT-200 trials in acute myeloid leukemia and solid tumours.
PureTech had reported earlier this month that LYT-200 had demonstrated anti-tumour activity and a favourable safety profile. In mid-November, moreover, it celebrated positive results from a Phase 2 trial of LYT-300, which achieved a "statistically significant" reduction in stress hormone responses.
PureTech on Wednesday said it continues to build, and intends to further expand, its wholly owned pipeline with a focus on pulmonary and rare diseases.
PureTech added that key catalysts anticipated for next year include, in the fourth quarter, results from a late-stage trial of LYT-100 in idiopathic pulmonary fibrosis.
Moreover, PureTech said it has launched two new business entities to advance its programmes. Seaport Therapeutics will focus on certain central nervous system programmes and relevant Glyph intellectual property, while Gallop Oncology will focus on advancing LYT-200 and other galectin-9 intellectual property.
"PureTech has had a particularly productive year," commented Chief Executive Officer Daphne Zohar. "One of the advantages of the hub-and-spoke model we pioneered is that it has enabled us to build an exciting pipeline of new medicines poised for tremendous growth, without diluting our shareholders in almost seven years.
"Our founded entities are a significant source of value to us, and we have generated over USD800 million in non-dilutive proceeds to advance our pipeline and growth since 2020."
PureTech also said it maintains a robust balance sheet with approximately USD320 million in consolidated cash, equivalents and short-term investments. This, PureTech said, extends its operational runway guidance into 2027.
Zohar also claimed that PureTech's track record "includes 80% success across clinical trials, with a probability of clinical success that is six times better than the industry average".
Going forward, she said: "We are extremely proud of the numerous accomplishments made by our team in 2023 and look forward to a productive and exciting 2024, where we expect to deliver multiple milestones to improve the lives of patients and drive benefit to our shareholders."
Shares in PureTech were trading 0.3% lower at 153.00 pence each in London on Wednesday morning.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
PureTech (PRTC)