Seaport Therapeutics Raises $225M for Novel Depression Drug

Six months following its launch with substantial financing, Seaport Therapeutics has successfully raised an additional $225 million to further the development of its lead drug candidate, which aims to address the shortcomings of current depression treatments.

Seaport Therapeutics employs a technology known as Glyph to create oral medications that use the lymphatic system for drug delivery. This method enhances the amount of the active pharmaceutical ingredient available in the body, which increases its therapeutic effects. The Boston-based firm's approach also aims to mitigate issues such as elevated liver enzyme levels, a common sign of drug toxicity that can hinder the use of certain drugs.

The company’s leading program, SPT-300, is a prodrug that transforms within the body into the active substance allopregnanolone. This neurosteroid interacts with the GABA-A receptor, producing effects on the central nervous system. Seaport is moving forward with Phase 2b trials for this drug, targeting major depressive disorder with and without anxious distress. The newly acquired funds will support these clinical milestones and the continued development of Seaport's Glyph platform.

Seaport Therapeutics emerged from PureTech Health, a company known for creating startups based on innovative technology platforms. In April, Seaport made its debut with its scientific approach, lead drug candidate, and $100 million in initial funding. This Series A funding was spearheaded by Arch Venture Partners and Sofinnova Investments. The recent Series B round was led by General Atlantic, with participation from investors such as T. Rowe Price Associates, Foresite Capital, Invus, Goldman Sachs Alternatives, CPP Investments, and other new investors. Returning investors Arch, Sofinnova, Third Rock Ventures, and PureTech Health also contributed.

Seaport joins a growing list of life science companies that have recently secured significant funding. For instance, Alpha-9 Oncology, focused on radiopharmaceuticals, raised $175 million in a Series C round to support its pipeline, including a Phase 1 test for advanced melanoma. Similarly, AvenCell Therapeutics garnered $112 million in Series B funding to continue testing its CAR T-therapy, AVC-101, which can be toggled "on" or "off" to address safety and effectiveness concerns inherent in current cell therapies.

Another notable financing example is Tolerance Bio, which launched with $17.2 million aimed at developing allogeneic stem cell-based therapies to maintain the thymus, an organ crucial for T cell training. March Biosciences secured $28.4 million in Series A financing to advance its CAR T-therapy aimed at CD5, a protein expressed on cancerous T cells. Be Biopharma obtained $82 million to progress its B cell engineering therapies into clinical trials for hemophilia B.

Other companies have also made significant strides. Los Angeles-based Terray Therapeutics raised $120 million to advance its AI-driven drug discovery programs into clinical trials. Judo Bio, focused on developing oligonucleotide drugs for kidney delivery, raised $100 million in seed and Series A funding. Purespring Therapeutics, specializing in gene therapies for kidney diseases, secured £80 million to advance its lead program into trial phases.

Basecamp Research, an AI biotech company, raised $60 million to enhance its data collection and analytics capabilities. City Therapeutics launched with $135 million to develop RNA interference drugs. Resolution Therapeutics raised £63.5 million to advance an engineered autologous macrophage cell therapy into clinical tests for liver disease and other fibrotic conditions.

In other funding news, Triveni Bio raised $152 million to support its bispecific antibody program for atopic dermatitis. Kailera Therapeutics launched with $400 million to develop GLP-1 and GIP receptor agonist drugs for metabolic conditions. Aktis Oncology obtained $175 million for developing alpha radiotherapy targeting Nectin-4 in various tumors.

Overall, these biotech firms are making significant strides with new funding, advancing their respective pipelines and developing therapies for a range of diseases, demonstrating the robust and dynamic nature of the life sciences sector.