PureTech’s profits slimmed as it spins off weight-loss firm

Business

Simon Freeman @SimonjFreeman

PURETECH, the London-listed medical therapy group, swung to a loss for the first half of 2021 driven by falling revenue and rising costs. The FTSE 250 biotech, which develops medicines to fight serious diseases, reported a net loss of $75million versus a profit of $124m for the same period in 2020. Total revenue fell 15% to $5.8million while research expenses jumped 26% to just over $48million. The group, based in Boston, remains confident in its pipeline as it prepares to take weight-loss therapy spin-off Gelesis public via special acquisition company Capstar and scales up commercialisation of EndeavorRx – a video game treatment for children with ADHD.