(Alliance News) - PureTech Health PLC on Tuesday said its half-year loss narrowed, but saw its revenue fall by more than half.
In the six months to June 30, the Boston-based biotechnology company said revenue dropped by 54% to USD3.2 million from USD7.0 million the year before, reflecting a 59% decrease to GBP2.4 million in grant revenue due to the deconsolidation of its founded entity, Vedanta Biosciences, on March 31.
Pretax loss narrowed to USD13.7 million from USD56.3 million a year prior as research and development costs fell by 37% to USD53.1 million. It also recorded a USD61.8 million gain on deconsolidation of subsidiary, compared to USD27.3 million the prior year.
Puretech did not declare an interim dividend, unchanged from a year ago.
Chief Executive Officer Daphne Zohar said: "Our unique model and disciplined execution have provided a safe harbour through the stormy market challenges, and while we can navigate in any environment, we are also very well-positioned to benefit if the tides potentially turn in favour of the biotech sector."
Shares in Puretech were up 4.0% at 193.00 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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PureTech (PRTC)