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Highlights:
- Seaport Therapeutics secures $225 million in an oversubscribed Series B round, led by General Atlantic.
- Total capital raised by Seaport reaches $325 million since its launch in April 2024.
- Funding will advance clinical-stage neuropsychiatric medicines and enhance the innovative Glyph™ technology platform.
PureTech Health plc (NASDAQ: PRTC, LSE: PRTC) has announced a significant milestone for its Founded Entity, Seaport Therapeutics, a biopharmaceutical company focused on developing innovative neuropsychiatric medicines. Seaport recently closed an oversubscribed Series B financing round, raising $225 million from a syndicate of top-tier investors, led by General Atlantic. This investment brings Seaport's total funding to $325 million since its inception in April 2024, reflecting strong market confidence in its approach and potential.
The Series B round attracted participation from notable investors including T. Rowe Price Associates, Foresite Capital, Invus, Goldman Sachs Alternatives, and Canada Pension Plan Investment Board (CPP Investments), among others. Founding investors ARCH Venture Partners, Sofinnova Investments, and Third Rock Ventures also continued their support, alongside PureTech Health, which will maintain a 36.7% equity ownership in Seaport on a diluted basis post-financing.
The proceeds from this financing will primarily support Seaport’s clinical-stage pipeline of first and best-in-class neuropsychiatric medicines, aimed at addressing significant unmet medical needs. Additionally, the funds will bolster the capabilities of Seaport’s Glyph™ technology platform, which has already demonstrated clinical proof-of-concept. This cutting-edge platform is designed to enhance oral bioavailability, avoid first-pass metabolism, and mitigate side effects like liver enzyme elevations or hepatotoxicity, which have historically hindered the development of effective drugs.
Bharatt Chowrira, PhD, JD, Chief Executive Officer of PureTech and a member of the Seaport Board of Directors, expressed his enthusiasm about the funding. He stated, “We’re very pleased with Seaport's $225 million Series B financing. Led by a syndicate of top-tier investors, this milestone highlights the significant progress we’re making across our portfolio. The strong support from this stellar investor group not only reinforces the value generated by our unique R&D engine but also underscores our commitment to advancing transformative therapies for patients.”
Seaport Therapeutics aims to leverage this financing to achieve critical clinical milestones in its pipeline, further enhancing its position in the neuropsychiatric drug development landscape. The upcoming data readout for Seaport’s internal LYT-100 (deupirfenidone) program is anticipated, and Chowrira indicated optimism for driving further innovation across the company’s portfolio.
This funding round is a testament to the growing interest and demand for advanced therapeutic options in the neuropsychiatric space. With a robust pipeline and innovative technology, Seaport is well-positioned to make a significant impact on the treatment of neuropsychiatric disorders, offering hope to patients who currently face limited options.
As the biopharmaceutical industry continues to evolve, investments like this highlight the importance of innovative approaches to drug development. PureTech Health’s backing of Seaport underscores its dedication to transforming healthcare through pioneering research and development, as the company works towards delivering meaningful treatments to those in need. The journey ahead looks promising for both PureTech and Seaport, as they continue to push the boundaries of what's possible in medicine.
