PureTech Founded Entity Gelesis Receives $30M Plenity Order From Ro

Author: Benzinga Newsdesk | November 18, 2021 08:37am

PureTech Health plc (NASDAQ:PRTC, LSE: PRTC))))) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company, announced today that its Founded Entity, Gelesis, Inc. ("Gelesis") received a $30 million fully paid pre-order for the company's first commercial product for weight management, Plenity®, from Ro, a leading U.S. direct-to-patient healthcare company. Plenity was initially made available through a beta launch in 2020, and demand quickly outpaced supply while Gelesis worked to construct a larger manufacturing facility. Gelesis' first commercial-scale manufacturing line at the facility is now complete and validated.

As Gelesis' exclusive telehealth partner in the U.S., Ro provides patients with access to telehealth options for weight management including the ability to communicate with a healthcare provider and, if safe and appropriate, to receive a prescription for Plenity through myplenity.com and Ro's digital clinics. The telehealth experience complements in-person healthcare provider care (available through any provider and powered by GoGoMeds), making it easier for people to seek treatment on their own time and their own terms. The first month of the beta launch, in October 2020, demand exceeded the limited manufacturing supply. Since then, Gelesis has sold as much product as it can make and nearly 70,000 people have started their weight management journey with Plenity through Ro's platform. Ro projects Plenity will have 1,500% YoY revenue growth (Dec. 2020 to Dec. 2021) and anticipates weight management will continue to be among the company's top treatment requests on the Ro platform.

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