Seaport Therapeutics, a clinical-stage biopharmaceutical company specializing in innovative neuropsychiatric therapies, has successfully closed an oversubscribed Series B financing round, raising $225 million. This significant funding will propel the company's mission to develop novel treatments for conditions such as depression and anxiety, utilizing its proprietary Glyph™ technology platform. The investment round was led by General Atlantic, a prominent global growth investor, with participation from notable firms including T. Rowe Price Associates, Foresite Capital, Invus, Goldman Sachs Alternatives, and the Canada Pension Plan Investment Board (CPP Investments), along with previous investors ARCH Venture Partners, Sofinnova Investments, Third Rock Ventures, and PureTech Health.

Financial Growth and Future Prospects

Since its launch in April 2024, Seaport has raised a total of $325 million, highlighting its strong market position and investor confidence. The newly acquired funds will enable the company to reach critical clinical milestones within its pipeline of first and best-in-class neuropsychiatric medicines. As mental health disorders continue to rise globally, Seaport's innovative approach addresses the urgent need for effective treatments that overcome traditional limitations in drug efficacy and tolerability.

Daphne Zohar, Founder and CEO of Seaport Therapeutics, expressed gratitude for the diverse group of investors, emphasizing their shared commitment to enhancing treatment options for individuals suffering from neuropsychiatric disorders. She stated, “This financing enables the important clinical work that brings us another step closer to delivering new medicines to make a difference in the lives of patients and their families.”

Innovative Pipeline Utilizing Glyph Technology

The financing will primarily support Seaport's clinical pipeline, which leverages the Glyph platform—a proprietary technology that enhances oral bioavailability and reduces common side effects associated with first-pass metabolism. This innovative approach enables the company to transform previously promising but underdeveloped drug candidates into viable treatment options.

Among the leading candidates in Seaport's pipeline is SPT-300, an oral prodrug of allopregnanolone. Currently advancing into a Phase 2b study for major depressive disorder, SPT-300 aims to provide rapid relief for patients, harnessing the neurosteroid's established antidepressant and anxiolytic properties. The platform's design allows for improved drug delivery, ensuring that SPT-300 can potentially fulfill unmet needs in the treatment landscape.

Another promising candidate, SPT-320, is designed for the treatment of generalized anxiety disorder (GAD). This novel prodrug of agomelatine is set to enter Phase 1 studies and could represent the first new mechanism for GAD treatment in decades. By utilizing the Glyph technology to bypass liver first-pass metabolism, SPT-320 aims to lower the dosage requirements while maintaining effective systemic exposure, thereby alleviating the need for extensive liver function monitoring.

Expert Support and Strategic Vision

The successful funding round and promising pipeline have garnered the interest of key industry leaders. Brett Zbar, M.D., Managing Director and Global Head of Life Sciences at General Atlantic, noted the impressive track record of Seaport's team and expressed enthusiasm about their innovative pipeline and approach to clinical development. He remarked, “We are excited to partner with Daphne Zohar and the team at Seaport. The deep neuropsychiatric expertise around the table offers unique advantages that will contribute to Seaport’s success.”

Steve Paul, M.D., Founder and Board Chair at Seaport Therapeutics, emphasized the critical role of the Glyph platform in advancing neuropsychiatric medicines. He pointed out that many important drug developments have been stymied due to tolerability challenges, but with the innovative solutions provided by Glyph, Seaport aims to unlock the full potential of these candidates, potentially leading to new FDA approvals and life-changing treatments.

Seaport Therapeutics stands at the forefront of neuropsychiatric medicine, equipped with robust financial backing and a pioneering technological platform. The recent $225 million Series B financing not only underscores the confidence investors have in Seaport’s mission but also signifies a critical step towards addressing the significant unmet needs in mental health treatment. As the company advances its promising pipeline, it aims to deliver innovative therapies that can significantly improve the quality of life for patients suffering from debilitating disorders like depression and anxiety. With a dedicated team and strategic partnerships, Seaport Therapeutics is poised for a transformative impact on the neuropsychiatric landscape.