Seaport Therapeutics, kick started by the former leaders of Karuna Therapeutics, has raised $225 million in an oversubscribed Series B to fund a pipeline of neuropsychiatric medicines.
Seaport Therapeutics, just six months after emerging from stealth with $100 million, is back with twice that value in additional funding to support its neuropsychiatric medicines. The biotech, kick started by the former leaders of Karuna Therapeutics, has raised $225 million in an oversubscribed Series B, according to a Monday press release.
Seaport emerged in April to advance a clinical-stage pipeline of neuropsychiatric medicines that are based on the Glyph technology platform, which allows delivery of small molecules to the lymphatic system via oral administration. The company was created by PureTech Health this year.
Seaport will put the fresh infusion of cash towards Seaport’s pipeline, which includes lead asset SPT-300, an oral prodrug of allopregnanolone that is heading toward a Phase IIb study in major depressive disorder.
The biotech is also working on moving SPT-320, a prodrug of agomelatine, into Phase I testing for generalized anxiety disorder.
Seaport is run by executives from Karuna, which was bought by Bristol Myers Squibb last year for $14 billion. The medicine at the center of that deal, KarXT, was just approved for schizophrenia at the end of September and will be marketed as Cobenfy. PureTech’s founder and co-founder of Karuna, Daphne Zohar, serves as CEO of Seaport.
The Series B was led by General Atlantic and joined by new investors T. Rowe Price Associates, Foresite Capital, Invus, Goldman Sachs Alternatives, Canada Pension Plan Investment Board and others. Also participating were founding investors ARCH Venture Partners, Sofinnova Investments, Third Rock Ventures and PureTech Health.
Correction (Oct. 21): This story has been updated to note that Seaport was created in 2024, not 2023. BioSpace regrets the error.
