Puretech Health revenues slide, losses widen

Clinical-stage biotherapeutics company Puretech Health posted weaker full-year revenues and a widened operating loss on Thursday and also noted it was yet to see any impact to ongoing work as a result of the Covid-19 outbreak.

Revenues shrunk 52.6% to $9.8m, while operating losses widened 30.1% to $135.4m as the firm continued to shift focus towards its internal segment, investing a pipeline of lymphatic system and related immuno-oncology programmes.

Puretech also stated that it expects that operating expenses, particularly research and development-related expenses, will continue to increase as it advances its pipeline.

Pre-tax income swung into the black after an "unprecedented year" for the group, coming in at $478,474 - an increase of almost 800% year-on-year.

Earnings per share of 1.49p were also a marked improvement on the loss per share of 0.16p posted at the same time a year earlier.

Puretech also noted that it had been closely monitoring the Covid-19 outbreak since January and had put plans and contingencies in place to enable it to "progress productively" and said it did not believe that any of its ongoing work had been materially delayed.

As of 0905 BST, Puretech shares were up 4.82% at 252.81p.