PureTech, a Boston-based life science research and development business that cultivates ideas across biotech, medical devices and digital health, raised an additional $50 million growth stage investment round from existing investors, according to a company statement. It comes only a few months after it netted $55 million from investors including Invesco Perpetual.
PureTech likens its structure to a biotechnology company but with a broader area of interest. Founder Daphne Zohar said the new funding would enable PureTech to add three to four new programs. PureTech distinguishes between a program and a company. Each of the company’s pipeline programs is structured as an independent corporate entity, in which PureTech typically has a majority ownership interest. It creates a program after an idea has been developed, tested, and its Intellectual Property is determined.
The funding will help it develop three to four new programs, Zohar said in an email. “They are emerging from three active sourcing initiatives we have in areas like nutrition, metabolism, and digital health. In those initiatives we have reviewed over 600 technologies and ideas and anticipate forming three to four new companies this year.”
Among the programs the company has helped establish are Follica, a clinical stage company using epithelial stem cell biology to develop novel treatments for baldness. Karuna is a clinical stage company that’s developing a therapeutic to treat schizophrenia. Entrega is developing a way to provide oral drug delivery for injectable drugs like insulin.
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Update: This story was updated to include additional information from follow up questions
