TIDMPRTC
PureTech Health PLC
03 May 2017
3 May 2017
PureTech Health plc
PureTech's Gelesis Announces EUR2.9 Million Award from Italian
Ministry of Economic Development
Funding will be used to advance novel hydrogel platform in type
2 diabetes
PureTech Health plc ("PureTech", LSE: PRTC), an advanced,
clinical-stage biopharmaceutical company, is pleased to note that
its subsidiary Gelesis has received a EUR2.9 million award from
Italian Ministry of Economic Development. In addition to the $50
million in equity funding raised over the past two years, this
award provides the company with additional non-dilutive funding to
support evaluation of Gelesis' novel, hydrogel technology across
multiple GI-related conditions, including type 2 diabetes,
nonalcoholic fatty liver disease (NAFLD), nonalcoholic
steatohepatitis (NASH), and inflammatory bowel disease (IBD).
Bharatt Chowrira, President and Chief of Business and Strategy
at PureTech Health, said: "Obesity represents a serious epidemic
that can result in devastating comorbid conditions, including type
2 diabetes, NASH and cardiovascular diseases. In fact, weight loss
is a core element of disease modification for these chronic
conditions, but no good treatment option for weight loss is
available. We believe that Gelesis' novel technology has the
potential to provide a safe and effective means to achieve weight
loss and can potentially be combined with current and future
treatment options to improve overall prognosis for these chronic
conditions."
The full text of the announcement from Gelesis is as
follows:
Gelesis Announces EUR2.9 Million Award from Italian Ministry of
Economic Development
Funding will be used to advance Gelesis' novel hydrogel platform
in type 2 diabetes
BOSTON, Massachusetts, May 3, 2017 -- Gelesis, a biotechnology
company developing a novel hydrogel platform to treat obesity and
other chronic diseases related to the gastrointestinal (GI)
pathway, today announced that its research and development
subsidiary in Italy will receive EUR2.9 million from the Italian
Ministry of Economic Development for the advancement of Gelesis'
novel hydrogel platform for treatment of type 2 diabetes. This
funding, in addition to the $50 million in equity funding raised
over the past two years, provides the company with additional
non-dilutive funding to continue evaluating its platform technology
across multiple GI-related conditions.
"We are pleased that the Italian Ministry of Economic
Development has selected Gelesis Srl. as the recipient of this
award," said Dr. Alessandro Sannino, Chief Project Scientist &
Co-inventor of the Gelesis technology. "This award is an
independent validation of our approach and a recognition of the
power of the Gelesis technology to potentially treat not only
obesity but also its related comorbidities, such as type 2
diabetes."
Gelesis is currently evaluating its lead product candidate,
Gelesis100, in a pivotal trial for weight loss, which is fully
enrolled and expected to readout in the middle of 2017. In
addition, Gelesis recently initiated a proof-of-concept study for
its second candidate, Gelesis200, which is optimized for weight
loss and glycaemic control in patients with type 2 diabetes and
prediabetes. New hydrogel compositions based on the Gelesis
platform are also being explored in preclinical and pilot studies
in other GI-related conditions such as nonalcoholic fatty liver
disease (NAFLD), nonalcoholic steatohepatitis (NASH), and
inflammatory bowel disease (IBD).
About Gelesis
At Gelesis, we believe the gastrointestinal (GI) pathway is the
next frontier in medicine. Gelesis has developed a proprietary
hydrogel platform which acts in the GI system through mechanical
modes of action to potentially alter the course of chronic diseases
safely and effectively. Gelesis100, one of the company's product
candidates, is currently being evaluated in a six-month pivotal
study. Gelesis is also developing Gelesis200, created from the same
proprietary technology platform as Gelesis100, as a product
optimized to induce weight loss and improve glycaemic control in
patients with type 2 diabetes. New hydrogel compositions based on
the Gelesis platform are also being explored in preclinical and
pilot studies in other GI-related conditions such as nonalcoholic
fatty liver disease (NAFLD), nonalcoholic steatohepatitis (NASH),
and inflammatory bowel disease (IBD).
Gelesis was co-founded by PureTech Health (PRTC.L) along with
leading experts in obesity. The Gelesis expert advisory team
includes: Caroline Apovian, M.D., Professor of Medicine and
Paediatrics at Boston University School of Medicine*; Louis J.
Aronne, M.D., FACP, Director of the Comprehensive Weight Control
Program at Weill Cornell Medicine*; Arne Astrup, M.D., Head of
Department of Nutrition, Exercise and Sports at University of
Copenhagen*; Ken Fujioka, M.D., Director of the Nutrition and
Metabolic Research Center and the Center for Weight Management at
the Scripps Clinic; Allan Geliebter, Ph.D., Senior Attending
Psychologist, St. Luke's-Roosevelt Hospital; James Hill, Ph.D.,
Professor of Medicine and Pediatrics, University of Colorado*; Lee
M. Kaplan, M.D., Ph.D., Director of the Obesity, Metabolism and
Nutrition Institute at Massachusetts General Hospital*; Bennett
Shapiro, M.D., Co-founder and Non-Executive Director at PureTech
and former Executive Vice President of Research for Merck*; and
Angelo Tremblay, Ph.D., professor, Department of Kinesiology at
Laval University. *Starred advisors hold equity in Gelesis.
Gelesis investors include Cormorant Asset Management, PureTech
Health PLC (LSE: PRTC), Invesco Asset Management, the
Pritzker/Vlock Family Office, and other prominent biotech and
finance investors.
About PureTech Health
PureTech Health (PureTech Health plc, PRTC.L) is an advanced,
clinical-stage biopharmaceutical company developing novel medicines
that modulate the adaptive human systems. PureTech's therapies
target the dysfunctions in the immune, nervous, and
gastro-intestinal systems by addressing the underlying
pathophysiology of disease from a systems perspective rather than
through a single receptor or pathway. The Company is advancing a
rich pipeline that includes multiple human proof-of-concept studies
and pivotal or registration studies expected to read out over the
next 12-18 months. PureTech Health's growing research and
development pipeline has been developed in collaboration with some
of the world's leading scientific experts, who along with
PureTech's experienced team and a stellar Board identify, analyse
and advance very selectively the opportunities the Company believes
hold the most promise for patients. This experienced and engaged
team places PureTech Health at the forefront of ground-breaking
science and technological innovation and leads the Company between
and beyond existing disciplines. For more information, visit
www.puretechhealth.com or connect with us on Twitter
@puretechh.
Forward Looking Statement
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company's future prospects, developments and strategies. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from current expectations, including, but not limited
to, those risks and uncertainties described in the risk factors
included in the regulatory filings for PureTech Health plc. These
forward-looking statements are based on assumptions regarding the
present and future business strategies of the company and the
environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law and regulatory requirements,
neither the company nor any other party intends to update or revise
these forward-looking statements, whether as a result of new
information, future events or otherwise.
# # #
For further information:
PureTech Health FTI Consulting
Allison Mead Ben Atwell, Matthew
+1 617 651 3156 Cole, Rob Winder
amead@puretechhealth.com +44 (0) 20 3727 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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