PureTech Health plc, a clinical-stage biopharmaceutical firm addressing serious diseases, has announced the inception of Seaport Therapeutics. The latter has raised $100 million in its inaugural and extremely popular Series A funding round, dedicated to the advancement of unique neuropsychiatric drugs.
Daphne Zohar, the founding Chief Executive Officer of PureTech, is set to steer the ship at Seaport Therapeutics as the CEO. Simultaneously, Steven Paul will serve as the Chairman of the company. Previously, Paul was the CEO and Chair of Karuna Therapeutics, a business focused on central nervous system disorders founded by PureTech. It was recently bought by Bristol Myers Squibb in a hefty $14 billion deal.
PureTech Health has also announced the appointment of Bharatt Chowrira as its new CEO, effectively replacing Zohar. Zohar has decided to step down from the PureTech board of directors immediately but has agreed to function as a senior advisor and observer to the board.
Chowrira, who has been serving as the company's President and Chief of Business, Finance and Operations since March 2017, will still hold his position as a director of PureTech.
Eric Elenko, a co-founder of PureTech and the company's current Chief Innovation Officer, was promoted to the role of President of PureTech.
Seaport, the latest venture hatched by PureTech, was founded to enrich particular neuropsychiatric programs and exploit the related Glyph intellectual property.
Seaport Therapeutics has now managed to raise $100 million in a highly subscribed Series A round with contributions from leading biotech investors like ARCH Venture Partners, Sofinnova Investments, and Third Rock Ventures. The funds raised will be channeled toward the growth of a novel clinical-stage pipeline of neuropsychiatric medications, initially developed within PureTech.
Upon completion of the Series A financing, PureTech is set to retain 61.5% ownership of Seaport on a diluted basis.
