PureTech announces launch of Seaport Therapeutics with USD100m Series A financing
9 April 2024 -

Biotherapeutics company PureTech Health plc (Nasdaq: PRTC) (LSE: PRTC) reported on Tuesday that it has launched Seaport Therapeutics with a USD100m Series A financing, oversubscribed and led by ARCH Venture Partners, Sofinnova Investments and Third Rock Ventures.

Focusing on neuropsychiatric medicines, Seaport will be spearheaded by Daphne Zohar as CEO and Steven M. Paul, MD, as Chairman.

Seaport's pipeline, built on its Glyph Technology Platform, aims to develop novel neuropsychiatric medicines. The financing supports the rapid advancement of clinical-stage programs, including SPT-300 and SPT-320, addressing anxious depression and Generalized Anxiety Disorder, respectively.

Zohar, founder of PureTech Health and former CEO of Karuna Therapeutics, leads Seaport, while Dr Paul, former CEO of Karuna, chairs the board. Seaport's Glyph platform enables oral administration of drugs, bypassing first-pass metabolism and reducing side effects, with potential applications across multiple therapeutic molecules.

PureTech also announced management transitions, with Bharatt Chowrira, PhD, JD, appointed as CEO and Eric Elenko, PhD, promoted to President. Dr Chowrira, with extensive biotech leadership experience, succeeds Daphne Zohar, who transitions to lead Seaport. Elenko, a PureTech co-founder, assumes the role of President.

The launch of Seaport and the strategic management changes mark significant milestones in PureTech's efforts to develop innovative medicines and drive value for shareholders.