Seaport Therapeutics

Seaport Therapeutics Raises $225 Million in Series B - October 21, 2024

Executive Summary

Seaport Therapeutics is a clinical-stage biopharmaceutical company developing novel therapies for neuropsychiatric disorders using prodrug technology licensed from Monash University.

Funding Amount: $225 Million

Valuation: Undisclosed

Round Type: Series B

Announced: October 21, 2024

Headquarters: Boston, Massachusetts

Category: Biotechnology - Neuropsychiatry

About Seaport Therapeutics

Seaport Therapeutics was founded in 2024 and is headquartered in Boston, Massachusetts.

Seaport Therapeutics is a clinical-stage biopharmaceutical company developing novel therapies for neuropsychiatric disorders using prodrug technology licensed from Monash University.

Funding Round Details

Investment Amount

Seaport Therapeutics successfully raised $225 Million in this Series B funding round.

Lead Investors & Participants

General Atlantic (Lead Investor): Leading global growth equity firm led the syndicate

T. Rowe Price Associates (New Investor): Funds and accounts advised by T. Rowe Price participated as new investors

Foresite Capital (New Investor): Healthcare-focused venture capital firm joined the round

Invus (New Investor): Private equity firm focused on healthcare and technology

Goldman Sachs Alternatives (New Investor): Goldman Sachs' alternative investments division

CPP Investments (New Investor): Canada Pension Plan Investment Board

ARCH Venture Partners (Founding Investor): Leading biotech VC, founding investor continuing participation

Sofinnova Investments (Founding Investor): European healthcare venture capital firm

Third Rock Ventures (Founding Investor): Premier life sciences venture capital firm

PureTech Health (Co-Founder (36.7% ownership)): Clinical-stage biotherapeutics company, co-founded Seaport and maintains significant ownership

Use of Funds

The $225 million Series B will advance Seaport's clinical pipeline of neuropsychiatric therapies, particularly focusing on treatments for depression and other mental health conditions using innovative prodrug delivery systems.

Key Metrics & Achievements

• $325 million total raised since April 2024 launch
• Oversubscribed Series B round demonstrating strong investor confidence
• PureTech Health holds 36.7% equity ownership post-Series B
• Clinical-stage pipeline targeting large neuropsychiatry markets
• Prodrug technology licensed from Monash University

Business Model

Seaport Therapeutics develops novel prodrug formulations of known active pharmaceutical ingredients to improve efficacy, safety, and patient compliance for neuropsychiatric disorders. The prodrug approach allows for optimized drug delivery and reduced side effects.

Market Opportunity & Competition

The neuropsychiatry pharmaceutical market is substantial, with major players including Johnson & Johnson (Spravato for depression), Sage Therapeutics, Compass Pathways, and traditional pharma companies. Seaport differentiates through its prodrug technology platform and rapid clinical advancement.

This fundraising report was announced on October 21, 2024 and represents verified data from Crunchbase, Bloomberg, TechCrunch, and official company announcements.