{"id":56325,"date":"2023-04-28T08:03:42","date_gmt":"2023-04-28T06:03:42","guid":{"rendered":"https:\/\/pharma-trend.com\/en\/puretech-announces-annual-results-for-year-ended-december-31-2022\/"},"modified":"2023-04-28T08:03:42","modified_gmt":"2023-04-28T06:03:42","slug":"puretech-announces-annual-results-for-year-ended-december-31-2022","status":"publish","type":"post","link":"https:\/\/pharma-trend.com\/en\/puretech-announces-annual-results-for-year-ended-december-31-2022\/","title":{"rendered":"PureTech Announces Annual Results for Year Ended December 31, 2022"},"content":{"rendered":"
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\nStrong capital base with PureTech level cash, cash equivalents and short-term investments of $339.5 million1<\/sup><\/i> and consolidated cash, cash equivalents and short-term investments of $350.1 million,2<\/sup> as of December 31, 2022.<\/i><\/p>\n

\nRapid advancement of PureTech\u2019s Wholly Owned Pipeline, with four clinical stage therapeutic candidates, including LYT-100 (ongoing registration-enabling trial in IPF), LYT-300 (Phase 2 ready in both anxiety and postpartum depression), LYT-200 (two ongoing Phase 1b trials in solid tumors and hematological malignancies) and LYT-503 (Phase 1 partnered program).<\/i><\/p>\n

\nStrong clinical, commercial and financial momentum across PureTech\u2019s Founded Entities, including Karuna\u2019s two positive Phase 3 trials for KarXT in schizophrenia, clinical data from Vor and Vedanta, commercial progress with EndeavorRx<\/i>\u00ae and<\/i> <\/i>Plenity<\/i>\u00ae <\/i>and $1.28 billion raised by Founded Entities in the period.3<\/sup><\/i><\/p>\n

\nAs of March 31, 2023,<\/i> PureTech level cash, cash equivalents and short-term investments were $389.4 million,4<\/sup> <\/i>providing operational runway into Q1 2026<\/i>.<\/i><\/p>\n

\nCompany to host a webcast and conference call today at 9:00am EDT \/ 2:00pm BST<\/i><\/p>\n

BOSTON–(BUSINESS WIRE)–PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) (\u201cPureTech\u201d or the \u201cCompany\u201d) today announces its results for the year ended December 31, 2022, as well as its cash balance as of the first quarter ended March 31, 2023. The following information represents select highlights from the full UK annual report and accounts, except as noted herein, a portion of which will be filed as an exhibit to PureTech\u2019s Annual Report on Form 20-F for the year ended December 31, 2022, to be filed with the United States Securities and Exchange Commission (the \u201cSEC\u201d) and is also available at https:\/\/investors.puretechhealth.com\/financials-filings\/reports<\/a>.<\/p>\n

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\nWebcast and conference call details
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<\/b>Members of the PureTech management team will host a conference call at 9:00am EDT \/ 2:00pm BST today, April 28, 2022, to discuss these results. A live webcast and presentation slides will be available on the investors section of PureTech\u2019s website under the Events and Presentations tab. To join by phone, please dial:<\/p>\n

\nUnited Kingdom (Local): <\/b>020 3936 2999
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United States (Local): <\/b>1 845 213 3398
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All other locations: <\/b>+44 20 3936 2999
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Access Code:<\/b> 661094<\/p>\n

\nFor those unable to listen to the call live, a replay will be available on the PureTech website.<\/p>\n

\nCommenting on the annual results, Daphne Zohar, Founder and Chief Executive Officer of PureTech, said:<\/p>\n

\n\u201c2022 was an exceptional year that has shaped the next phase of PureTech\u2019s development and furthered our mission of giving life to new classes of medicines to change the lives of patients with devastating diseases.<\/p>\n

\n\u201cI\u2019m proud that we continue to have one of the most productive track records in biopharma. Across our Wholly Owned Pipeline and Founded Entities, we\u2019ve developed the platforms and programs resulting in 27 therapeutics and therapeutic candidates. Two have gone from inception at PureTech through FDA and EU regulatory clearances, and a third (Karuna\u2019s KarXT) is expected to be filed soon for FDA approval. Within our Wholly Owned Pipeline alone, we completed five clinical trials in 2022, making this our busiest year in the clinic yet.<\/p>\n

\n\u201cNotably, it is due to the success of our unique model that we have been able to generate non-dilutive funding to support our clinical progress and innovation engine, and we have not needed to raise money from the capital markets in over five years. In the last 8 months alone, we generated approximately $215.4 million from a combination of sale of Founded Entity stock and the upfront payment from Royalty Pharma, which acquired an interest in our royalty in Karuna\u2019s KarXT for up to $500 million.<\/p>\n

\n\u201cLooking 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.<\/p>\n

\n\u201cPureTech 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.\u201d<\/p>\n

\nAlso commenting on the annual results, Christopher Viehbacher, Chair of PureTech\u2019s Board, said:<\/p>\n

\n\u201cAs a member of PureTech\u2019s Board of Directors for nearly a decade, I have seen the Company grow as a biopharmaceutical pioneer, and 2022 was the most noteworthy year yet. PureTech\u2019s track record of clinical success is six times the industry average, and the Company has pioneered new classes of medicine that are positioned to impact the lives of millions of patients.<\/p>\n

\n\u201cWhat also stands out to me is how our disciplined approach to development and financial management has created a focused, well-capitalized organization with a clear mission and differentiated value. I have consistently been impressed by how much PureTech achieves with very little resources, especially relative to many of its peers. Given the current macro-economic conditions, this will only become more imperative for companies and the patients and shareholders they serve.<\/p>\n

\n\u201cI am proud to have worked so closely with such a talented and passionate team as I conclude my tenure as Board Chair. As PureTech embarks on a new phase of clinical expansion, I look forward to the multiple exciting milestones ahead in important areas of medical need. The groundbreaking business model and seasoned management team of PureTech remain standouts in the industry, and I believe this will steer the enterprise through continued success in 2023 and beyond. On behalf of the Board, I thank our shareholders for your continued support of our work to change the treatment paradigm for patients.\u201d<\/p>\n

\nAs previously noted, Mr. Viehbacher was recently appointed President, Chief Executive Officer and a member of the Board of Biogen Inc. (Nasdaq: BIIB). Given the time commitment required by this new role, Mr. Viehbacher will not stand for re-election at the Company\u2019s 2023 Annual General Meeting (AGM) and accordingly will step down from the Company\u2019s Board of Directors effective from the close of the AGM. The Nomination Committee has initiated a process to identify a new Chair, and, in the interim, Dr. Raju Kucherlapati will serve as Interim Chair to fulfill the leadership requirements and governance obligations of the role. In addition, Dr. John LaMattina will join the Audit Committee of the Board, filling the seat vacated by Mr. Viehbacher. The changes to the Board roles of Drs. Kucherlapati and LaMattina will be effective from the close of the Company\u2019s AGM.<\/p>\n

\nContinued advancement and growth of PureTech\u2019s Wholly Owned Programs5
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<\/sup><\/b>PureTech\u2019s Wholly Owned Programs advanced rapidly in 2022. Its pipeline includes five therapeutic candidates, four of which are currently clinical stage, including one partnered program. The majority of these candidates are centered around enhancing on-target efficacy, enabling oral administration or improving tolerability to unlock new classes of medicine that have previously been held back by one of these issues. PureTech achieves this by applying unique insights or technology. Several upcoming milestones are anticipated for these candidates, including the following:<\/p>\n