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PureTech Health PLC on Tuesday said it is launching a subsidiary focused on drugs to treat respiratory diseases.
The Boston, Massachusetts-based biotech and pharmaceutical firm has named the new business Celea Therapeutics. Its lead drug candidate is deupirfenidone or LYT-100, which targets lung conditions.
According to PureTech, LYT-100 ‘holds promise across multiple fibrotic and inflammatory lung conditions’, though its initial focus is idiopathic pulmonary fibrosis, a fatal form of tissue scarring.
PureTech has promoted Sven Dethlefs, who has been involved in the drug’s development over the past year, to lead Celea. Dethlefs is the ex-chief executive of North America at Teva Pharmaceuticals Industries Ltd and a former partner at McKinsey & Co.
‘I believe deupirfenidone has the potential to be a true turning point in the treatment of IPF,’ Dethlefs said.
‘The strength of the clinical data, combined with the team and mission behind Celea, make this a uniquely compelling opportunity.’
PureTech completed a phase-2b trial of the drug back in December, and discussed the results with the US Food & Drug Administration. Celea plans to launch phase-3 testing by the end of the third quarter and is seeking external funding for the trial period, possibly through to commercialisation.
PureTech shares were down 1.2% at 128.00 pence on Tuesday afternoon in London, and have fallen 24% in the last 12 months.
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