Seaport Therapeutics, a clinical-stage biopharmaceutical company focused on novel neuropsychiatric medicines, has secured $225 million in an oversubscribed Series B funding round. This significant financing effort was led by General Atlantic and included notable participation from T. Rowe Price Associates, Goldman Sachs Alternatives, CPP Investments, and others. The company’s founding investors, including ARCH Venture Partners, Sofinnova Investments, Third Rock Ventures, and PureTech Health, also contributed to the funding.
Focus of the Financing
The $225 million raised brings Seaport Therapeutics’ total funding to $325 million since its inception in April 2024. The new capital will be used to advance the company’s pipeline of innovative neuropsychiatric drugs, particularly focusing on treatments for depression, anxiety, and other mental health disorders. Seaport will also continue to develop its Glyph™ technology platform, which is designed to improve oral bioavailability, bypass first-pass metabolism, and reduce side effects like liver enzyme elevation and hepatotoxicity.
Glyph Platform and Clinical Pipeline
Seaport’s Glyph platform stands at the core of its development strategy. The technology allows drugs to be absorbed through the lymphatic system, similar to dietary fats, enhancing the effectiveness and safety of medications. The platform is particularly valuable for drugs that have historically suffered from low bioavailability or high side effects when administered orally.
The company’s most advanced drug candidate, SPT-300, is an oral prodrug of allopregnanolone, which is being evaluated in a Phase 2b study for major depressive disorder. Allopregnanolone is a neurosteroid with proven rapid antidepressant and anxiolytic properties, and the oral version offers potential benefits over previous formulations.
Additionally, SPT-320, a prodrug of agomelatine, is advancing through Phase 1 trials for generalized anxiety disorder (GAD). The Glyph platform’s ability to bypass liver metabolism may reduce the need for liver monitoring, a major limitation in previous agomelatine treatments.
The pipeline also includes SPT-348, a non-hallucinogenic neuroplastogen under development for mood disorders, alongside other discovery-stage programs aimed at addressing high unmet needs in neuropsychiatry.
Outlook and Industry Impact
With this substantial funding round, Seaport Therapeutics is well-positioned to push forward with its innovative treatments for neuropsychiatric disorders. The company’s use of the Glyph platform, combined with a strong leadership team and clinical expertise, offers a promising outlook for addressing limitations in current mental health therapies.
As Seaport Therapeutics progresses through critical clinical milestones, its advancements could potentially offer life-changing treatments for patients suffering from depression, anxiety, and other neuropsychiatric conditions.
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