PureTech Announces Share Buyback Program of up to $50 Million
May 05 2022 - 1:00AM
Business Wire
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 commercializing highly differentiated
medicines for devastating diseases, today announces that its Board
of Directors has approved a share buyback program in respect of its
ordinary shares of one pence each (“Ordinary Shares”) up to a
maximum consideration of $50 million (the “Share Buyback
Program”).
The Share Buyback Program follows consultation with shareholders
and is consistent with PureTech’s capital allocation strategy1 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 Program 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 Program
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
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 27
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
Annual 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 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 program, 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.
1As 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220504006320/en/
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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