Boston-based Seaport Therapeutics has secured $225 million in Series B financing, marking a significant advancement in their mission to develop improved neuropsychiatric medications. The funding round, led by General Atlantic, attracted prominent investors including ARCH Venture Partners, Sofinnova Investments, Third Rock Ventures, and co-founder PureTech Health.
The investment comes just months after the company's $100 million Series A round in April, demonstrating strong investor confidence in Seaport's innovative approach to neuropsychiatric drug development.
Innovative Drug Delivery Platform
At the heart of Seaport's approach is their proprietary Glyph technology, designed to overcome a critical challenge in oral drug administration. The platform enables drugs to bypass first-pass liver metabolism by facilitating absorption through the lymphatic system, similar to dietary fats. This innovation potentially allows for more effective delivery of therapeutic compounds while avoiding liver-related complications.
Advanced Depression Treatment Program
The company's lead candidate, SPT-300, represents a significant advancement in depression treatment. This oral prodrug of allopregnanolone targets major depressive disorder with or without anxious distress. Allopregnanolone, a naturally occurring neurosteroid known as an 'endogenous tranquilizer,' has shown promise in depression treatment but has been limited by the need for intravenous or injectable administration. SPT-300 has now entered Phase 2b clinical trials, with results potentially supporting regulatory submissions.
Novel Anxiety Treatment Pipeline
Seaport is also advancing SPT-320, a prodrug of agomelatine, targeting generalized anxiety disorder (GAD). This compound could potentially offer the first novel mechanism for anxiety treatment in decades. Current agomelatine formulations, while effective, require high doses that can cause liver toxicity and necessitate frequent monitoring. Seaport's approach aims to maintain efficacy while eliminating these safety concerns.
Expanding Therapeutic Portfolio
The company's pipeline also includes SPT-348, an early-stage candidate described as a prodrug of a "non-hallucinogenic neuroplastogen," further diversifying their therapeutic approach to mental health conditions.
Daphne Zohar, Seaport's CEO, emphasized the funding's importance in advancing their clinical work and ultimate goal of delivering innovative medicines to patients and their families. Zohar's track record includes founding Karuna, which recently achieved success with Cobenfy, the first major advance in schizophrenia treatment in decades, leading to a $14 billion acquisition by Bristol-Myers Squibb in March.
