Puretech Health PLC (LON: PRTC) have seen their shares slip on Monday after the firm gave shareholders a disappointing update on subsidiary form resTORbio.
Shares of Puretech Health slipped 2.74% to 213p on Monday. 18/11/19 11:47BST.
Independent subsidiary resTORbio (NASDAQ: TORC) have announced poor results from a recent study. resTORbio had been conducting evaluations on the safety and efficacy of a treatment for clinically symptomatic respiratory illnesses.
The company will continue development of the treatment — RTB101 — in other aging-related diseases, including Parkinson’s disease.
“While we are disappointed in these results, there are extensive preclinical data supporting the potential therapeutic benefit of TORC1 inhibition in multiple ageing-related diseases, including Parkinson’s disease, for which we have an active phase 1b/2a trial of RTB101 alone or in combination with sirolimus,” said Chen Schor, co-founder & chief executive of resTORbio.
“Multiple pre-clinical models have demonstrated that inhibition of TORC1 decreases protein and lipid synthesis, increases lysosomal biogenesis and stimulates the clearance of misfolded protein aggregates, such as toxic synucleins, that cause neuronal toxicity in Parkinson’s disease.”
“We remain committed to exploring the potential benefits of TORC1 inhibition in patients, and we look forward to the data from our Parkinson’s disease trial, which we expect in mid-2020,” Schor added.
Shares of the FTSE250 (INDEXFTSE: MCX) listed PureTech fell to be the worse performer on the FTSE250 index.
Certainly, shareholders of PureTech will be worried about the progress of reTORbio considering the disastrous effect that it has had on the share price.In a time where competitors are making significant headways, the results from resTORbio will alarm shareholders.
In the pharmaceuticals and medical field, big names such as Pfizer (NYSE: PFE) smashed analyst and market expectations.
Additionally, British rival GSK (LON: GSK) raised their annual profit forecast following a strong quarterly update.
In combatting these big time names, firms have merged in the pharma industry and this morning it was reported that Consort Medical (LON: CSRT) and Recipharm had agreed a £505 million deal.
