
PureTech Health launches Seaport Therapeutics
Betsy Goodfellow | April 9, 2024 | News story | Business Services | Financing, Neurology, PureTech Health, launch
PureTech Health has announced key progress on its ‘strategic initiatives to deliver innovative medicines to patients and unlock value for shareholders’, according to its press release. This includes the launch of Seaport Therapeutics with $100m oversubscribed series A financing.
This financing round included participation from ARCH Venture Partners, Sofinnova Investments and Third Rock Ventures, with the aim of supporting the development of novel, clinical-stage neuropsychiatric medicines created and developed internally at PureTech.
Seaport will initially be led by Daphne Zohar along with founder Steven M Paul MD, the former chief executive officer of Karuna Therapeutics, which is another CNS-focused PureTech Founded Entity that has been recently acquired by Bristol Myers Squibb.
Dr Bharatt Chowira PhD JD, chief executive officer of PureTech Health as of 9 April 2024, commented: “I am excited to step into the CEO role and to lead PureTech through this next phase of its evolution. We have demonstrated the evergreen success of our hub-and-spoke R&D model of venture creation, where we are able to recycle proceeds from our Founded Entities into both the funding of our current and future programmes to change patients’ lives and capital returns for shareholders. As we continue to derive value from our existing pipeline, we will focus on what we have always done best: innovating the next wave of highly differentiated medicines.”
Betsy Goodfellow
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