Half-year results from biotech IP group PureTech (PRTC) don't bring us much new information, but do provide an overview of the progress made by a number of business units in the past six months. Net cash at $297m (£222m), with $219m held at the parent company level, also provides reassurance and leaves significant resources for PureTech to plug into its businesses. A total of $95m was raised in the reported period, including input from outside sources.
In terms of operational progress, three of the group's businesses signed licensing agreements in the period. These partnerships can be highly beneficial, as shown by subsidiary Vedanta Bioscience, which in August received a $2m milestone payment from partner Janssen Biotech, triggered by three new patent approvals.
Clinical trials are also progressing well, with two businesses reporting positive results in the period. Crucial data read-outs are, however, expected in the next few months. Mental health technology business Akili has multiple clinical studies ongoing with two big data read-outs expected imminently, and weight loss company Gelesis is due to report trial results in the first half of 2017.
