TIDMPRTC
RNS Number : 9255X
PureTech Health PLC
30 November 2017
30 November 2017
PureTech Health plc
PureTech's resTORbio Raises $40 Million from Leading Biotech and
Institutional Investors
This financing brings the total capital raised by this affiliate
in 2017 to $65 million which will be used to advance its novel
immunotherapy for aging-related conditions
PureTech Health plc (LSE: PRTC), an advanced, clinical-stage
biopharmaceutical company, announced today that resTORbio, Inc.
(resTORbio), an affiliate of PureTech Health, completed an
oversubscribed $40 million equity round led by OrbiMed and
including participation from Fidelity Management & Research
Company, Rock Springs Capital, Quan Capital and Nest Bio. Together
with a $25 million Series A financing that was completed earlier
this year, the current financing brings the total 2017 investments
in resTORbio to $65 million.
Daphne Zohar, Co-Founder and Chief Executive Officer of PureTech
Health, said: "We are extremely pleased with the progress resTORbio
has made since we launched the programme, including the achievement
of key clinical milestones. Our late-stage clinical pipeline
includes both wholly-owned programmes as well as those we advance
in collaboration with leading equity and/or pharma partners. The
latter category, which includes resTORbio, represents just one
example of the value we have been building at PureTech Health."
The additional capital is expected to be used to further advance
clinical development of resTORbio's novel programme for
aging-related diseases and conditions that selectively targets
TORC1, a key pathway involved in aging. resTORbio is currently
conducting a Phase 2b clinical study designed to assess the safety,
tolerability and efficacy of resTORbio's lead programme in reducing
respiratory tract infections (RTIs) in the elderly, with top-line
results expected in the second half of 2018.
The full text of the announcement from resTORbio is as
follows:
resTORbio Raises $40 Million to Advance Selective TORC1
Inhibitors for Aging-Related Diseases and Conditions
BOSTON, Massachusetts, November 30, 2017 - resTORbio, Inc., a
clinical-stage biopharmaceutical company focused on the development
and commercialisation of novel therapeutics for the treatment of
aging-related diseases, today announced the completion of an
oversubscribed $40 million Series B financing round. The round was
led by OrbiMed and included participation from Fidelity Management
& Research Company, Rock Springs Capital, Quan Capital and Nest
Bio. This financing brings the total capital raised this year to
$65 million, including a $25 million Series A financing that was
completed earlier this year. resTORbio plans to use the proceeds to
advance the development of RTB101, a selective Target of Rapamycin
Complex 1 (TORC1) inhibitor, through a Phase 2b clinical trial and,
if successful, into a Phase 3 clinical programme, as an
immunotherapy to reduce the incidence of respiratory tract
infections (RTIs) in elderly subjects. The funds are also expected
to be used to expand the programme into a Phase 2 clinical trial in
an additional aging-related indication.
"We appreciate the support of these seasoned life sciences
investors and their confidence in the potential of our TORC1
programme to treat diseases related to aging," said Chen Schor,
President and CEO of resTORbio. "RTB101, our selective inhibitor of
TORC1, has been demonstrated to enhance immune function in elderly
individuals in a randomised, placebo-controlled, phase 2 clinical
trial. We believe our approach may provide an opportunity to
address multiple aging-related diseases beyond our initial
indication for reducing the incidence of RTIs in the elderly. We
look forward to reporting data from our Phase 2b clinical trial in
the second half of 2018 and to expanding the programme into
additional indications."
RTB101, an orally-administered, potent TORC1 inhibitor, is a
first-in-class immunotherapy designed to address immunosenescence,
the decline in immune function that occurs with age. RTB101, alone
and in combination with everolimus, is being evaluated in a Phase
2b clinical trial to reduce the incidence of RTIs in elderly
individuals at risk of mortality or morbidity due to RTIs which are
caused by a broad spectrum of pathogens. Currently, there are no
therapies approved by the US Food and Drug Administration (FDA)
that improve immune function in the elderly and thereby reduce the
incidence of RTIs.
In connection with the financing, Jonathan Silverstein, Partner
and a Co-Head of Global Private Equity at OrbiMed, will join the
resTORbio board of directors. "We are excited to be investing in
what we believe is the leading company addressing aging-related
diseases and conditions. We look forward to contributing to
resTORbio's efforts to advance and expand its programme," stated
Jonathan Silverstein.
About Respiratory Tract Infections in the Elderly
The reduced ability of elderly patients to detect and fight
infections is most commonly manifested in their susceptibility to
RTIs and the negative effects such infections have on their overall
health. According to the US Census Bureau, RTIs are the fifth
leading cause of death in people age 85 and over and the seventh
leading cause of death in people age 65 and over. RTIs also result
in high healthcare costs for the elderly population and burden the
healthcare system. The majority of RTIs are caused by viruses for
which there are no FDA-approved therapies. As the elderly represent
the fastest growing population in all regions of the world, there
is significant unmet medical need for innovative therapeutic
options to reduce the incidence of RTIs by enhancing the function
of the aging immune system.
About TORC1
Mechanistic target of rapamycin (mTOR) is a protein
serine/threonine kinase that regulates the process of aging and
aging-related diseases and conditions, via two complexes: TORC1 and
TORC2. TORC1 inhibition has been found to have many beneficial
effects on aging-related diseases and conditions, while TORC2
inhibition has been associated with adverse events including
hyperglycaemia and hyperlipidaemia. The TORC1 inhibitor programme
being developed by resTORbio may, therefore, have therapeutic
potential to ameliorate multiple aging-related diseases without the
undesirable side effects associated with TORC2 inhibition.
About resTORbio
resTORbio, Inc. is a clinical stage biopharmaceutical company
focused on the development and commercialisation of novel
therapeutics for the treatment of aging-related diseases.
resTORbio's lead programme is targeting the target of rapamycin
complex 1 (TORC1) pathway to treat aging-related diseases and
conditions with an initial focus on conditions caused by
immunosenescence, the decline in immune function that occurs during
aging. resTORbio's lead product candidate, RTB101, alone or in
combination with everolimus, is in a Phase 2b clinical trial to
evaluate its potential in reducing the incidence of respiratory
tract infections (RTI) in elderly subjects at increased risk of
RTI-related morbidity and mortality. resTORbio's lead programme is
supported by two Phase 2a clinical studies from which promising
safety and efficacy signals were observed in almost 500 elderly
subjects. resTORbio is pursuing a pragmatic clinical development
plan to address areas of key unmet medical need in the aging
population. For more information, please visit www.restorbio.com.
resTORbio is an affiliate of PureTech Health.
Ownership Information and Other Required Disclosures
$40 million of Series B Preferred Stock was issued in the Series
B Financing representing approximately 17.3% of resTORbio
calculated on a diluted basis(1) and approximately 16.0% of
resTORbio calculated on a fully-diluted basis(2) . The post money
fully-diluted valuation of resTORbio is $250 million. PureTech
Health's ownership value of resTORbio was not reflected in the last
reported value of the PureTech Health's growth stage holdings,
which was calculated and reported as of 31 December 2016, prior to
initiation of this programme.
Earlier this year, PureTech Health funded $19 million of
resTORbio's Series A Financing and, together with its founder's
shares, PureTech Health owns approximately 44.2% of resTORbio
calculated on a diluted basis(2) and approximately 40.9% of
resTORbio calculated on a fully-diluted basis(1) following the
closing of the Series B Financing.
(1) This calculation includes issued and outstanding shares as
well as outstanding options to purchase shares, but excludes
unallocated shares authorised to be issued pursuant to equity
incentive plans.
(2) This calculation includes issued and outstanding shares,
outstanding options to purchase shares, and unallocated shares
authorised to be issued pursuant to equity incentive plans
About PureTech Health
PureTech Health (PureTech Health plc, PRTC.L) is an advanced,
clinical-stage biopharmaceutical company developing novel medicines
targeting serious diseases that result from dysfunctions in the
nervous, immune, and gastrointestinal systems (brain-immune-gut or
the "BIG" axis), which together represent the adaptive human
systems. PureTech Health is at the forefront of understanding and
addressing the biological processes and crosstalk associated with
the BIG axis. By harnessing this emerging field of human biology,
the Company is pioneering new categories of medicine with the
potential to have great impact on people with serious diseases.
PureTech Health is advancing a rich pipeline of innovative
therapies that includes two pivotal stage programmes, multiple
human proof-of-concept studies and a number of early clinical and
pre-clinical programmes. PureTech's rich research and development
pipeline has been advanced in collaboration with some of the
world's leading scientific experts, who along with PureTech's team
of biopharma pioneers, entrepreneurs and seasoned Board, identify,
invent, and clinically de-risk new medicines. With this experienced
team pursuing cutting edge science, PureTech Health is building the
biopharma company
of the future focused on improving and extending the lives of
people with serious disease. 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
PureTech'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. 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 PureTech Health nor any other party intends to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Contact:
PureTech Health FTI Consulting
Allison Mead Talbot Ben Atwell, Rob
+1 617 651 3156 Winder
amt@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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