PureTech-Founded Seaport Therapeutics Finalizes Oversubscribed Series B Financing Round of $225 Million

2 min read | October 21, 2024 04:13 AM PDT | By Team Kalkine Media

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PureTech-Founded Seaport Therapeutics Finalizes Oversubscribed Series B Financing Round of $225 Million — Image source: Shutterstock

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Highlights

Seaport Therapeutics has successfully closed a $225 million Series B financing round, increasing total capital raised to $325 million since its launch in April 2024.

The financing round was led by General Atlantic, with contributions from various top-tier investors, including founding investors.

Proceeds from the funding will support the advancement of Seaport’s clinical-stage pipeline of neuropsychiatric medicines and the development of its Glyph™ technology platform.

PureTech Health (NASDAQ:PRTC) founded entity, Seaport Therapeutics, has announced the successful closure of an oversubscribed $225 million Series B financing round. This funding brings the total capital raised to $325 million since Seaport's inception in April 2024. The financing round was spearheaded by General Atlantic, a prominent growth equity firm, and saw participation from a range of top-tier investors alongside founding investors.

The funds raised will be allocated toward advancing Seaport's clinical-stage pipeline of neuropsychiatric medicines and further developing its innovative Glyph™ technology platform. This platform aims to enhance oral bioavailability and minimize the side effects associated with clinically active drugs, which is a significant focus in the treatment of neuropsychiatric conditions.

Seaport's pipeline is anchored by several promising candidates: SPT-300, targeted at major depressive disorder; SPT-320, aimed at generalized anxiety disorder; and SPT-348, which addresses mood and other neuropsychiatric disorders. The company's mission is to deliver novel therapeutics designed to alleviate the suffering of patients dealing with depression, anxiety, and other related disorders.

Following this financing, PureTech Health will maintain a 36.7% equity ownership in Seaport on a diluted basis. This continued investment reflects PureTech’s commitment to supporting innovative approaches in the field of neuropsychiatry, emphasizing the potential for transformative therapies that could improve patient outcomes.

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