PureTech Health widens loss, reports development progress

$218.6m of those reserves was held on a PureTech parent company level

The London-listed firm said funds raised by business units through July 2016 totalled $95.1m, of which $37.4m was from outside investors - inclusive of the Akili financing in July 2016.

PureTech had average holdings of the top 12 business units at 30 June of 72%, with the board claiming effective control over all of them.

Its adjusted Loss for the period reached $26.92m, widening from $10.92m, while the reported loss was $43.5m - more than double the $18.7m loss last year - inclusive of $15.3m spent on research and development.

“The first half of 2016 has been a time of strong execution and positive momentum for PureTech,” said CEO Daphne Zohar.

“We made significant advancements across our pipeline, further grew our outstanding team and attracted several new strategic collaborators and investors to our business units, providing further validation and increased value.”

Zohar said with $297m in consolidated cash reserves at the period end, PureTech is well-positioned to drive upside from the innovative products in its growing pipeline as they near “major potential inflection points” and commercialisation.

“We believe that our track record positions us to create value and strong growth for our shareholders. We look to the future with confidence.”