PureTech Health PLC PRTC Announces Share Buyback Programme Up to $50M (3849K)
May 05 2022 - 2:01AM
UK Regulatory
TIDMPRTC
RNS Number : 3849K
PureTech Health PLC
05 May 2022
5 May 2022
PureTech Health plc
PureTech Announces Share Buyback Programme of up to $50
million
Previous cash runway guidance into the first quarter of 2025
remains in place
PureTech Health plc (Nasdaq: PRTC, LSE: PRTC) ("PureTech" or the
"Company"), a clinical-stage biotherapeutics company dedicated to
discovering, developing and commercialising highly differentiated
medicines for devastating diseases, today announces that its Board
of Directors has approved a share buyback programme in respect of
its ordinary shares of one pence each ("Ordinary Shares") up to a
maximum consideration of $50 million (the "Share Buyback
Programme").
The Share Buyback Programme follows consultation with
shareholders and is consistent with PureTech's capital allocation
strategy(1) and stated approach to drive additional value for its
shareholders. The Company had consolidated cash and cash
equivalents of $465.7 million and $413.2 million at December 31,
2021 and March 31, 2022, respectively. Given the strength of the
Company's balance sheet, the Board is confident that it can return
this capital to shareholders while maintaining sufficient cash on
hand to deliver on its strategy in line with its previous cash
runway guidance into the first quarter of 2025, including the
continued development and expansion of its Wholly Owned Pipeline
and strategic investment in its Founded Entities.
The Share Buyback Programme will be limited to the lower of $50
million or 28,589,875 Ordinary Shares, in line with the general
authority to repurchase shares, which was granted by shareholders
at the most recent annual general meeting held on May 27, 2021, and
it will be executed via open market purchases in accordance with
applicable regulations, including those related to daily volume and
price limitations. Further details of the Share Buyback Programme
will follow.
This announcement includes information that is inside
information as defined in Article 7 of the Market Abuse Regulation
No.596/2014. The person responsible for arranging for the release
of this announcement on behalf of PureTech Health plc is Bharatt
Chowrira, President, Chief Business, Legal and Operating Officer,
and Director.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated
to discovering, developing and commercialising 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 27
therapeutics and therapeutic candidates, including two that have
received both U.S. FDA clearance and European marketing
authorisation, as of the date of PureTech's most recently filed
Annual Report and corresponding Form 6-K. All of the underlying
programmes 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 unique insights in immunology and drug development.
For more information, visit www.puretechhealth.com or connect
with us on Twitter @puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be
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 should be considered forward-looking statements, including
those related to the Company's share buyback programme, its
guidance with respect to its cash runway, and its ability to fund
and deliver on its strategy. 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, 2021 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.
(1) As set out in its 2021 Annual Report and Accounts and
Announcement of Annual Results for the year ended December 31, 2021
published on April 26, 2022.
Contact:
PureTech
Public Relations
publicrelations@puretechhealth.com
Investor Relations
IR@puretechhealth.com
EU Media
Ben Atwell, Rob Winder
+44 (0) 20 3727 1000
ben.atwell@FTIconsulting.com
U.S. Media
Nichole Sarkis
+1 774 278 8273
nichole@tenbridgecommunications.com
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