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PureTech Health PLC on Tuesday said its half-year loss narrowed, but saw its revenue fall by more than half. In the six months to June 30, the Boston-based biotechnology company said revenue dropped by 54% to $3.2 million from $7.0 million the year before, reflecting a 59% decrease to £2.4 million in grant revenue due to the deconsolidation of its founded entity, Vedanta Biosciences, on March 31. Pretax loss narrowed to $13.7 million from $56.3 million a year prior as research and development costs fell by 37% to $53.1 million. It also recorded a $61.8 million gain on deconsolidation of subsidiary, compared to $27.3 million the prior year. Puretech did not declare an interim dividend, unchanged from a year ago. Chief Executive Officer Daphne Zohar said: ‘Our unique model and disciplined execution have provided a safe harbour through the stormy market challenges, and while we can navigate in any environment, we are also very well-positioned to benefit if the tides potentially turn in favour of the biotech sector.’ Shares in Puretech were up 4.0% at 193.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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