Seaport Therapeutics receives $100 million in funding to maximise Monash invention

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US clinical-stage biopharmaceutical company Seaport Therapeutics has closed a US$100 million oversubscribed Series A financing round to progress a pipeline using a platform developed at the Monash Institute of Pharmaceutical Sciences.

Seaport Therapeutics is using the Glyph platform, initially developed by Professor Christopher Porter, to advance a clinical-stage pipeline of neuropsychiatric medicines in areas of high unmet patient need, including depression and anxiety disorders.

The Glyph platform solves key limitations on the development of these neuropsychiatric medicines, including negligible oral bioavailability or hepatotoxicity, by rerouting the mechanism of absorption to enable oral administration and reduce liver exposure.

Professor Porter and the MIPS team have worked closely with Seaport’s founder, PureTech, since 2017 to help progress the platform and advance development candidates, including SPT-300 (formerly known as LYT-300), an oral form of the drug allopregnanolone.

Dr Jamie Simpson, a former MIPS group leader and collaborator with the Porter Research Group at Monash University and an original co-inventor of the Glyph Technology, is now head of chemistry at Seaport Therapeutics.

“It has been rewarding to see the Glyph technology being used to attempt to unlock the full potential of neuropsychiatric medicines and make much-needed treatments easier, more effective and more accessible for those living with a broad range of neurological conditions,” said Professor Porter.

“We are dedicated to bringing first and best-in-class medicines to those that are suffering from depression, anxiety and other neuropsychiatric disorders,” said Daphne Zohar, a founder and CEO of Seaport Therapeutics. “I’m excited to deliver on this mission along with a stellar team of senior leaders and investors.”

"Major depression and anxiety disorders are among the most common, disabling and potentially fatal of all medical conditions. Seaport’s pipeline of investigational antidepressants and anxiolytics are well positioned to more effectively treat these disorders,” said Dr Steven M. Paul, a founder and chair of the board of directors of Seaport.

“This announcement demonstrates global recognition of the transformative impact of Monash University’s research,” said Professor Doron Ben-Meir, Deputy Vice-Chancellor (Enterprise and Engagement) and Senior Vice-President. “By licensing our world-leading invention, we’ve been able to create the foundation to help millions of people and their families.”