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BOSTON - PureTech Health plc (Nasdaq:PRTC, LSE: PRTC), a $4.28 billion market cap biotherapeutics company with strong financial health according to InvestingPro metrics, announced Tuesday that Raju Kucherlapati, PhD, has stepped down from his position as Chair and member of the Board of Directors after nearly two decades with the clinical-stage biotherapeutics company.
Sharon Barber-Lui, the company’s Audit Committee Chair, has been appointed as Interim Chair of the Board. According to the company statement, Barber-Lui will lead the process to identify a new Board Chair and engage with shareholders to gather input on criteria and board evolution.
"Raju has been an integral part of PureTech’s journey for almost two decades," said Bharatt Chowrira, PhD, JD, PureTech’s Chief Executive Officer, in the press release.
Robert Langer, ScD, PureTech’s Co-founder and board member, noted that Dr. Kucherlapati helped guide PureTech from its startup phase into an established biotherapeutics company.
During his tenure, PureTech developed a portfolio of 29 therapeutics and therapeutic candidates, including three that have received FDA approval. The company’s most recently FDA-approved product is Cobenfy. InvestingPro data shows the company achieved 45% revenue growth in the last twelve months, though analysts note rapid cash burn rates. According to InvestingPro’s Fair Value analysis, the stock appears undervalued at its current price of $18.02.
PureTech Health focuses on developing therapeutics for patients with various diseases. The company identifies and advances programs through key validation points, either internally or through its Founded Entities. With a healthy current ratio of 9.33 and more cash than debt on its balance sheet, InvestingPro analysis reveals 8 additional key insights about the company’s financial position and growth prospects.
The company did not disclose the reason for Dr. Kucherlapati’s departure in its announcement.
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