3:35 PM
Mar 13, 2018
 |  BC Extra  |  Financial News

PureTech raises £72M in placement

PureTech Health plc (LSE:PRTC) raised £72 million ($100 million) on Tuesday through the sale of 45 million shares at 160p in a placement underwritten by Jefferies and Peel Hunt. The price is a 3% discount to the company's close of 165p on Monday, the day before announcing the offering.

PureTech is developing therapies to treat dysfunction of the nervous, immune and gastrointestinal systems. The financing will provide the company with runway through 2021.

In January, PureTech's affiliate resTORbio Inc. (NASDAQ:TORC) raised $97.8 million through the sale of 6.5 million shares at $15 in an IPO. Following the offering, PureTech owns about 34% of the company and holds two board seats (see BioCentury Extra, Jan. 26).

PureTech lost 7p to 158p on Tuesday.

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