PureTech Health PLC PRTC Receives $100M from Founded Entity Shares (8707R)
November 10 2021 - 2:00AM
UK Regulatory
TIDMPRTC
RNS Number : 8707R
PureTech Health PLC
10 November 2021
10 November 2021
PureTech Health plc
PureTech Receives Approximately $100 Million from Sale of a
Portion of Founded Entity Shares
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a clinical-stage biotherapeutics company, today
announces that it has sold 750,000 shares of its Founded Entity,
Karuna Therapeutics ("Karuna," Nasdaq: KRTX), through a block trade
executed by Morgan Stanley & Co. LLC for cash consideration of
approximately $100 million (the "Transaction"). PureTech intends to
use the proceeds from the Transaction to further the advancement
and growth of the Company and will update its cash runway guidance
in due course.
Following the Transaction, PureTech continues to hold 1,656,564
of Karuna common stock, which is equal to approximately 5.6% of
Karuna's outstanding shares as of September 30, 2021. PureTech is
eligible to receive certain payments from Karuna under its license
agreement, including sublicense payments and royalties on any sales
of KarXT.
The Transaction constitutes a class 2 transaction for the
purposes of the UK Financial Conduct Authority's Listing Rules.
About Karuna Therapeutics
Karuna Therapeutics is a clinical-stage biopharmaceutical
company driven to create and deliver transformative medicines for
people living with psychiatric and neurological conditions. Karuna
understands there is a need for differentiated and more effective
treatments that can help patients navigate the challenges presented
by these severe and disabling disorders. Utilizing its extensive
knowledge of neuroscience, Karuna is harnessing the untapped
potential of the brain in pursuit of novel pathways to develop
medicines that make meaningful differences in peoples' lives. For
more information, please visit www.karunatx.com .
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercializing highly
differentiated medicines for devastating diseases, including
inflammatory, fibrotic and immunological conditions, intractable
cancers, lymphatic and gastrointestinal diseases and neurological
and neuropsychological disorders, among others. The Company has
created a broad and deep pipeline through the expertise of its
experienced research and development team and its extensive network
of scientists, clinicians and industry leaders. This pipeline,
which is being advanced both internally and through PureTech's
Founded Entities, is comprised of 25 therapeutics and therapeutic
candidates, including two that have received both U.S. FDA
clearance and European marketing authorization, as of the date of
PureTech's most recently filed Half Year Report and corresponding
Form 6-K. All of the underlying programs and platforms that
resulted in this pipeline of therapeutic candidates were initially
identified or discovered and then advanced by the PureTech team
through key validation points based on the Company's unique
insights into the biology of the brain, immune and gut, or BIG,
systems and the interface between those systems, referred to as the
BIG Axis.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements contained in this press release that do not
relate to matters of historical fact, including the Company's
intentions as to the use of the proceeds from the Transaction,
should be considered forward-looking statements. The
forward-looking statements are based on current expectations and
are subject to known and unknown risks, uncertainties and other
important factors that could cause actual results, performance and
achievements to differ materially from current expectations,
including, but not limited to, those risks, uncertainties and other
important factors described under the caption "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31, 2020
filed with the SEC and in our other regulatory filings. 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, we
disclaim any obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact:
Investors EU media
Allison Mead Talbot Ben Atwell, Rob Winder
+1 617 651 3156 +44 (0) 20 3727 1000
amt@puretechhealth.com ben.atwell@FTIconsulting.com
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