LONDON (ShareCast) - (ShareCast News) - PureTech Health, a clinical-stage biopharmaceutical company, announced on Wednesday that although it reported a widened interim loss, significant progress was made in its pipeline of clinical, pre-clinical and discovery-stage programmes leaving it confident of a turnaround in the immediate future.
The Boston based firm posted a pre-tax loss of $67.2m, 40% more than the $44.5m it lost last year, most of which was spent on research and development.

Revenue increased 92% on the previous year despite the fact that, as is expected with a pre-commercial biopharmaceutical company, its products do not generate consistent product revenue and that the revenue was a result of milestones in place from collaboration agreements.

As of 30 June, PureTech had cash and equivalents of $247.5m, a 12% decrease on the $281.5m it had on hand at the same time 12 months ago.

Stephen Muniz, chief operating officer, said, "With $247.5 million in consolidated cash reserves at the period end, PureTech Health is well-positioned to fund the upcoming clinical trials and ongoing preclinical development. We have also successfully centralised many functions, driving synergies between the programmes and allowing us to support significant growth in our research and development related activities as we progress our pipeline."

As of 0925 BST, shares had moved up just 0.77% to 137.63p.

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