- Clinical stage biotherapeutics company PureTech Health has reported a strong capital base with $321.5m in pro-forma cash in its annual results to 31 December 2019 and confirmed the growth of its wholly owned internal pipeline.

The company announced PureTech level cash reserves of $120.6m, along with $200.9m in proceeds from the 22 January 2020 sale of 2.1 million Karuna common shares, totalling PureTech level pro-forma cash reserves of $321.5m in 2019.

Its wholly owned internal pipeline, which is centred on the lymphatic system and related immunological disorders, is reported to include one clinical-stage product candidate for the potential treatment of a range of conditions involving fibrosis, inflammation and impaired lymphatic flow, two preclinical product candidates for intractable cancers and three discovery platforms.

In its results statement, PureTech said it has not experienced any material delays to ongoing work or expected milestones from the Covid-19 outbreak but that it does anticipate the strain on the global healthcare system may eventually impact timelines, 'as healthcare providers rightly prioritise acute, near-term needs'.

During 2019, its founded entities had made 'significant progress', advancing 20 product candidates, 13 of which are clinical stage.

PureTech's founded entities raised $666.8m in financing transactions in 2019, of which 622.8m or 93.4%, came from third parties.

Founder and chief executive Daphne Zohar said: '2019 was an unprecedented year, and our unique model for drug development and value creation was validated in many ways.

'Across our wholly owned pipeline and our founded entities, we now have one FDA cleared product and 23 product candidates, all of which potentially address major healthcare needs. 14 of these candidates are clinical-stage, and we anticipate at least seven readouts and 10 initiations over the course of 2020.

'We are very proud of this remarkable clinical progress.'

At 9:37am: [LON:PRTC] Puretech Health PLC share price was +16.25p at 261.25p

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