Follica Receives Notification of Patent Allowance

RNS Number : 1829Y

PureTech Health PLC

04 September 2015

 



4 September 2015

PureTech Health plc

Follica Receives Notification of Patent Allowance, Expanding its Existing Portfolio of Issued Patents

Follica, Inc. (a PureTech operating company) has received a Notice of Allowance from the United States Patent & Trademark Office (USPTO) for a patent related to its principal technology platform to treat hair loss.

Daphne Zohar, Chief Executive Officer of PureTech, said: "We are pleased to note the forthcoming issuance of this patent, providing additional intellectual property protection for a key technology exclusively licensed worldwide by Follica."

The full text of the announcement follows:

Follica Announces Allowance for a U.S. Patent Related to its Principal Technology Platform to Treat Hair Loss

Patent Issuance from the United States Patent and Trademark Office (USPTO) will Provide IP Protection for a Key Patent Exclusively Licensed by Follica Worldwide

BOSTON, Massachusetts, September 4, 2015 - Follica Inc., a clinical stage therapeutics company developing novel treatments for hair loss, received confirmation of an issue notification from the United States Patent and Trademark Office (USPTO) regarding the Company's principal technology platform. The allowed claims in the patent cover varying methods of disruption of the epidermis, followed by modulation through application of a number of different compounds.

"This patent allowance represents another significant milestone towards commercialization for Follica as we advance development of our novel platform and product candidates." said David Tharp, Follica's Vice President of Corporate Development.

Follica is developing an out-patient therapy coupled with an at-home system for the treatment of androgenetic alopecia (hair loss) and has assembled a team of leading experts in the dermatology and medical device development fields to develop and commercialize its product platform. Follica has three main families of patents pertaining to its principal technology areas, with patents issued in certain geographies as well as applications pending worldwide. 

Androgenetic alopecia represents the most common form of hair loss in men and women with an estimated 65 million patients who warrant treatment in the U.S. alone, while the International Society of Hair Restoration (ISHR) estimates the total market size for hair restoration procedures approached $2 billion worldwide in 2012.

The Follica product concept originated from research in the laboratory of Dr. George Cotsarelis, Chair of the Dermatology Department at the Perelman School of Medicine at the University of Pennsylvania, which demonstrated that, after skin disruption and in conjunction with manipulation of certain pathways, new hair follicles and hair can form in adult skin. Follica's core technology and patent suite has been developed in collaboration with leading researchers, building on the work of Dr. Cotsarelis. Other key scientific advisors to the Company include Dr. Richard Rox Anderson, Chairman of the Wellman Center for Photomedicine at the Massachusetts General Hospital, Dr. Ken Washenik, Medical Director of Bosley and the Executive Vice President of Scientific and Medical Development of the Aderans Research Institute, and Dr. Sarah Millar, a Professor of Dermatology and Cell & Developmental Biology at the University of Pennsylvania School of Medicine.

About Follica

Follica is a privately held therapeutics company co-founded by PureTech Health (PureTech Health plc, PRTC.L) and a group of world-renowned experts in hair follicle biology and regenerative medicine. For more information, visit www.follicabio.com.

CONTACT

Julie DiCarlo

SVP, Communications and Investor Relations, PureTech Health

617-456-0032

[e-mail]

About PureTech

PureTech (PureTech Health plc, PRTC.L) is a science-driven healthcare company, seeking to solve some of today's toughest health challenges through disruptive approaches. Based in Boston, Massachusetts, PureTech has a pipeline of 12 operating companies, seven of which are "growth stage" with external validation including strategic partnerships, outside funding, proof-of-concept or peer review in prestigious scientific journals. PureTech is problem-focused and solution-agnostic, looking beyond traditional disciplines and approaching healthcare problems from different perspectives. Focusing on areas of significant unmet medical need, PureTech evaluates more than 650 ideas per year, prioritizing, selecting and  testing what it believes to be the most scientifically and commercially promising concepts to advance. PureTech's leading team and board, along with an advisory network of more than 50 experts across multiple disciplines, gives PureTech access to potentially groundbreaking science and technological innovations. For more information, visit www.puretechhealth.com and connect with us on Twitter.

PureTech has holdings of 59.3% in Follica on a diluted basis, and is entitled to a royalty on net sales of Follica's product platform. This calculation of PureTech's holding includes issued and outstanding shares as well as options to purchase shares, but excludes unallocated shares authorised to be issued pursuant to equity incentive plans and any shares issuable upon conversion of outstanding convertible promissory notes.

PureTech Forward-Looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company's future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks and uncertainties described in the risk factors included in the company's regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure and Transparency Rules, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Enquiries:

PureTech Daphne Zohar, Chief Executive Officer Stephen Muniz, Executive Vice President, Legal, Finance and Operations Julie DiCarlo, Senior Vice President, Communications and Investor Relations	[phone]
FTI Consulting (Communications adviser to PureTech) Ben Atwell Matthew Cole	[phone]

 

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