Puretech Health Share Discussion Threads

[rambutan2] 01/6/2020 20:58

Likewise, don't see any chance of a special div - not something either biotechs or US management in general go in for.

This listed on LSE because they couldn't get it away in the States, where there is no real history of incubator style cos. Here there are/have been a few ie IPO, MERC, BTG etc. Invesco (Henley) under the Mark Barnett regime were prepared to be an "anchor" shareholder (ala Woodford style) but required an LSE listing as PRTC went into the two huge UK income funds. However, as I've already explained above, the Invesco funds have shrunk by £ billions, both due to terrible performance - hence Mr Barnett's recent sacking - and consequent massive and continuing redemptions. As everything more liquid has either been sold or diminished in value, PRTC has risen to be the 3rd largest holding in both funds. This clearly is not a long term defendable position for the under pressure managers of the UK income/high income funds. And if redemptions continue at current rates, it is out of their hands.

PRTC might now be in the ftse250, but one look at the number of Price Monitoring Extensions, tells you how difficult to trade in any size it actually is.

Finally, PRTC doesn't easily fit into any category/mandate. What is it? An investment company or a biotech, or what? So no natural big insti fund buyers. And that goes for Nasdaq as well, hence I suspect the rather slow progress on the listing idea. Folks like it simple, and PRTC is complex.

In any case, ramble over and it remains one of my largest (long term) holdings to which I'm happy to add on any dip to near 200p.

[volvo] 01/6/2020 20:02

...oh i do like a prediction.

If Puretech sit with $850m in the bank, what good is that? Big bonuses cash burn.

Shareholders own the company...they do actually want a return.

I guess its watch and see. Of course a Nasdaq listing will double the share price.

[edwardt] 01/6/2020 18:48

I don't do predictions but I think the odds of or desire for a special dividend here are precisely zero.

[lendmeafiver] 01/6/2020 12:07

They are going to have to take it higher.

[volvo] 30/5/2020 07:50

Rambutan, an update re Invesco.

Have you seen a RNS from the company saying they have sold any of its Puretech shareholding. No because they are not sellers. Thats not me saying that btw.

Invesco have invested in Puretech for EXACTLY the situation the company now finds itself in re Karuna Therapeutics. Its pay day.

Fully expect the selling of Karuna shares to continue...and with Invesco owning over 30pc of Puretech they have a massive say.

My 2 predictions, special dividend (£200m? 75p a share based on complete sell out of Karuna) and Nasdaq listing.

Would still leave Puretech with $550m in cash and debt free.

Karuna share price closed yesterday at $94.



rambutan226 May '20 - 15:54 - 541 of 558

I think this is being held back by an overhang of the Invesco stake, which is held in the two big but evaporating income funds. Perhaps a US listing would offer an exit for the stake...

rambutan227 May '20 - 11:55 - 547 of 558

Yes, as i suggested yesterday, a US listing offers a potential out to Invesco. However, Invesco are under pressure as redemptions continue from the funds.

[volvo] 30/5/2020 07:33

Yes, the main factor is monetising of Karuna shares to the tune of $250m.

Just not been factored in. Puretech now totally de-risked financially for the next 4 years.

[lendmeafiver] 29/5/2020 20:44

I think you are spot on Volvo, Prtc was just starting to motor over £3, then covid happened, it’s just provided a good opportunity to acquire more shares, which importantly some directors have taken advantage of.

[volvo] 29/5/2020 18:57

Great day today if you understand the market.....watch and see.

Actually, topped up today at 244p.

I genuinely see 500p by year end, maybe sooner.

Speed up the timings and get on Nasdaq...expect an announcement in the next few weeks.

Karuna up to $91

[volvo] 29/5/2020 09:22

Karuna settled back at $90 at the close.

If/when Karuna share price goes through the $100 then Puretech is valued at cash/shares as we stand today, which is absolutely crazy.

Can see the Americans reading the prospectus for our Nasdaq launch...23 drug candidates 13 in clinical trials, one already approved and valued only on its cash value....WTF might be the answer!!!

[volvo] 28/5/2020 18:01

Karuna flying $94

[lendmeafiver] 28/5/2020 16:07

When the share price moves here it tends to move quickly due to the lack of stock, I expect we will get a run up beyond £3 shortly in the same way that occurred in Nov19 to Jan20, particularly if the good news flow continues. The current valuation is after all completely ridiculous and must make Daphne and the Puretech team think what is the point of the London listing given we know they have US options available to them.

[af004] 28/5/2020 12:05

Very confident about PRTC, good pipeline, well positioned. It will happen.

[volvo] 28/5/2020 11:10

....just the sort of news that Nasdaq shares get a 20pc uplift from - ftse 250 zip.

[volvo] 28/5/2020 08:06

PureTech Health PLC PRTC Targets COVID-19 Post-Recovery Complications
28/05/2020 7:00am
RNS Non-Regulatory

TIDMPRTC

PureTech Health PLC

28 May 2020

28 May 2020

PureTech Health plc

PureTech Advances LYT-100 (Deupirfenidone) for Treatment of Serious Respiratory Complications that Persist Following Resolution of COVID-19 Infection

Emerging data suggest many of the millions infected with COVID-19 may be at risk for long-term pulmonary dysfunction, including fibrosis

LYT-100 is an orally administered anti-inflammatory and anti-fibrotic with the potential to treat a range of lung complications, including those resulting from COVID-19

Global, randomised, placebo-controlled trial of LYT-100 in patients with COVID-19 is expected to begin in Q3 2020

PureTech Health plc (LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, today announced plans to advance its wholly-owned clinical-stage product candidate LYT-100 (deupirfenidone) as a potential treatment for serious respiratory complications, including inflammation and fibrosis, that persist following the resolution of SARS-CoV-2 (COVID-19) infection. LYT-100 employs a multimodal mechanism of action to potentially reduce, delay or prevent the lung dysfunction that has recently been documented in COVID-19 patients, including those who have recovered from the infection. The global, randomised, placebo-controlled trial is expected to begin in Q3 2020 and will evaluate LYT-100 in non-critical COVID-19 patients with respiratory complications. Patients will continue treatment for up to three months.

"Hundreds of clinical trials are underway to combat COVID-19, but the vast majority are focused on vaccines or the acute treatment of severe patients," said Dennis Ausiello, MD, former chief of medicine at Massachusetts General Hospital and a member of the PureTech R&D Committee. "As we learn more about the full impact of COVID-19 on the body, we're seeing post-recovery, longer-term pulmonary dysfunction similar to that observed following infection with other coronaviruses, including SARS and MERS. In fact, emerging data suggest that a high proportion of COVID-19 patients are at risk of impaired lung function and fibrosis after recovery, as well as during acute infection. With more than five million documented infections to date worldwide, there is a clear and urgent need for therapeutics to address the longer-term sequalae of COVID-19."

LYT-100 is an oral anti-fibrotic and anti-inflammatory small molecule. It is a deuterated analogue of pirfenidone. Oral pirfenidone is approved for the treatment of idiopathic pulmonary fibrosis (IPF) in the United States, European Union, Japan and a number of other countries and has received Breakthrough Therapy designation from the FDA for unclassifiable interstitial lung disease. In prior Phase 1, healthy volunteer studies, LYT-100 has shown a differentiated and superior pharmacokinetic profile compared to pirfenidone, suggesting improved efficacy, tolerability and safety, while retaining the same intrinsic pharmacology of pirfenidone. Preclinical research also shows that LYT-100 potently inhibits a range of pro-inflammatory cytokines including IL6, TNF alpha and TGF-beta.

"Many interstitial lung diseases (ILDs) are characterised by inflammation and fibrosis, which can result in impaired lung function and progressive pulmonary fibrosis. Interstitial pneumonia and ILD are manifestations of some viral infections in a subgroup of patients in the short term and may persist for months or years in another subgroup of patients who survive following severe acute respiratory syndrome (SARS) associated with coronavirus, " said Ganesh Raghu, MD, professor of medicine and adjunct professor of laboratory medicine at the University of Washington (UW) and director of the Center for Interstitial Lung Disease at UW Medicine. "Certain pathobiological features of COVID-19 are similar to features of interstitial pneumonia and acute exacerbations of fibrotic lung diseases. Therapeutic strategies targeting pathways of immune dysregulation, innate immunity, inflammation and fibrosis are appropriate to consider as potential treatments of COVID-19 and fibrotic ILD in the context of clinical trials."

"PureTech has always been driven to help patients through innovation in medicine, and our LYT-100 programme in COVID-19 represents another example of this commitment," said Eric Elenko, PhD, chief innovation officer at PureTech. "The unique anti-fibrotic and anti-inflammatory properties of LYT-100 may have therapeutic potential in a range of conditions, including other interstitial lung diseases as well as lymphoedema, for which a trial is planned to begin in 2020."

PureTech expects to initiate a global, multi-centre, randomised, double-blinded, placebo-controlled trial in Q3 2020 to evaluate the efficacy, safety and tolerability of LYT-100 in non-critical COVID-19 patients with respiratory complications. Patients will continue treatment for up to three months. The trial is expected to enrol approximately 150 patients, with a primary endpoint measuring pulmonary function testing. The trial will also assess exploratory endpoints including pharmacokinetics, acute inflammatory biomarkers, hospitalisation events, imaging and patient-reported outcomes. PureTech expects to announce topline results in mid-2021.

As previously announced, in March 2020 PureTech initiated a Phase 1 trial of LYT-100 evaluating its safety, tolerability and the pharmacokinetic profile of multiple doses in healthy participants. Results from this trial are anticipated later this year, and a subsequent proof-of-concept trial in people with breast cancer-related, upper limb secondary lymphoedema is expected to begin in 2020, with topline results expected in 2021. PureTech is also evaluating additional inflammatory and fibrotic conditions that could potentially be addressed with LYT-100.

About LYT-100

LYT-100 is PureTech's most advanced wholly-owned product candidate. A deuterated form of pirfenidone, an approved anti-inflammatory and anti-fibrotic drug, LYT-100 is being developed for the potential treatment of a range of conditions involving fibrosis, inflammation and impaired lymphatic flow, including lymphoedema, idiopathic pulmonary fibrosis (IPF), interstitial pneumonias, unclassifiable interstitial lung disease (uILD) and other interstitial lung disease (ILD), radiation-induced fibrosis and focal segmental glomerulosclerosis (FSGS). LYT-100 is currently being evaluated in a Phase 1 multiple ascending dose and food effect trial in healthy volunteers with a subsequent assessment in patients with breast cancer-related, upper limb secondary lymphoedema expected to begin in 2020. PureTech also plans to initiate a trial in Q3 2020 evaluating LYT-100 as a potential treatment for serious respiratory complications, including inflammation and fibrosis, that persist following the resolution of SARS-CoV-2 (COVID-19).

[volvo] 27/5/2020 19:43

...your right the americans would laugh at this valuation, based on cash only.

They like pe's in the 100's.

More news due...soon

[deadly nightshade] 27/5/2020 13:43

Hopefully if we get America listing will this mean no more dual listing on the ftse as well? Hopefully just stick to America as this UK market is a laughing stock, they wouldn't know what to do with a decent company over here. This will be a lot better valued in america

[rambutan2] 27/5/2020 11:55

Yes, as i suggested yesterday, a US listing offers a potential out to Invesco. However, Invesco are under pressure as redemptions continue from the funds.

[volvo] 27/5/2020 07:20

rambutan2 it will take Invesco literally 4 years to clear there holding at 100k shares a day. Not going to happen.

If the company list on the Nasdaq, they can simple ask Invesco if they want out, yes/no. If yes, offer these shares to American investors.

Suggest Invesco are waiting and are in no hurry.

[rambutan2] 26/5/2020 21:41

Substantial holders as at 31/03/20:

Invesco 31.6%
Baillie Gifford 9.1%
Lansdowne Partners 8.3%
Jupiter Asset Management 8.2%
Recordati SA 3.3%

(see pg69 + pg86 for boards)

[rambutan2] 26/5/2020 21:21

VOLVO, no queue, and share v illiquid in any size, hence why Invesco been so slow to sell down and a non income share has ended up the third largest holding in both their UK income funds. Not that I'm complaining as offers the opp to top up and as you say, one way or other, value will out in the end.

[volvo] 26/5/2020 21:08

rambutan2 your right Invesco are in here up to 30pc plus...their problems are their problems...value will out and if Invesco need to sell, there will be a queue.

[volvo] 26/5/2020 19:44

own 48pc of VOR

[rambutan2] 26/5/2020 15:54

I think this is being held back by an overhang of the Invesco stake, which is held in the two big but evaporating income funds. Perhaps a US listing would offer an exit for the stake...

[lendmeafiver] 26/5/2020 12:35

Never really understood why they listed in London in the first place, but thankful they did.

[volvo] 26/5/2020 09:36

Like the look of this company.

Extremely well funded with cash on the hip as of today of $360m, and a liquid stake in Karuna Therapeutics, Nastaq listed, after todays announced sale, worth $408m.

So today cash/shares balance sheet is $768m.

Market cap £697m or $855m dollars.

So all the rest, 23 product candidates, 14 at clinical stage, 1 FDA cleared product, come in at just $87m.

As shown with Karuna any successful product candidate can be worth $100's millions.

The real prospect of a dual Nasdaq listing in the near future is when things would get very interesting, very fast.

From the 9th April annual results 'We also announced in July that we are exploring the potential for a US listing on Nasdaq of American Depository Shares. Given the catalysts of the past year and the strength of our current cash position, we're still very much committed to considering the ADR listing or other means to broaden our access to the US capital markets, and we will launch that process from a position of strength in due course'

The Americans would be all over this. Exciting stock imo.