There’s a biotechnology company being backed by some of the largest venture capitalists in drug development. And they are aiming to build a new paradigm for psychiatric drugs.
What’s happening:
- PureTech Health (NASDAQ: PRTC) has announced that their founded entity Seaport Therapeutics has raised $225M USD in a Series B financing round
- The new round of funding was led by General Atlantic and included participation from ARCH Venture Partners, Sofinnova Investments, Third Rock Ventures and others
Why it matters:
- PureTech Health has been making meaningful breakthroughs in biotechnology recently, previously earning the first United States Food and Drug Administration approval for a new drug for treating schizophrenia in adults in more than half a century
By the numbers:
- Since inception, Seaport Therapeutics has raised $325M USD in venture capital funding
- Following the Series B financing round, PureTech Health owns approximately 36% of Seaport Therapeutics
Going deeper:
- Seaport Therapeutics is developing new types of therapeutics for both major depressive disorder and generalized anxiety disorder, leveraging a proprietary technology platform that enhances oral bioavailability and reduces common side effects of traditional psychiatric drugs
The intrigue:
- Psychedelic drug developers have also been getting closer than ever to new therapeutic drugs for psychiatric conditions, with Cybin (NYSE: CYBN) previously landing a Breakthrough Therapy designation from the United States Food and Drug Administration for their novel psychedelic compound CYB003 for treating adults with major depressive disorder
