Seaport Therapeutics, a Phase 2 biotech developing therapies for neuropsychiatric indications, raised $255 million by offering 14.2 million shares at $18, the high end of the $16 to $18 range. The company offered 2.4 million more shares than anticipated. Existing shareholder General Atlantic had indicated on $50 million worth of shares in the offering (20% of the deal). Seaport raised just over 10% more in proceeds than originally planned.
Seaport Therapeutics is a clinical-stage biotechnology company developing oral therapies for neuropsychiatric disorders, including depression, anxiety, and other central nervous system conditions. The company uses its proprietary Glyph platform, a lymphatic-targeting prodrug technology designed to improve oral bioavailability and reduce first-pass metabolism, to reformulate clinically validated mechanisms into differentiated product candidates. Its lead programs include GlyphAllo in Phase 2b for major depressive disorder and GlyphAgo in Phase 1 for generalized anxiety disorder, with additional preclinical candidates targeting depressive and related CNS disorders.
The Boston, MA-based company will trade on the Nasdaq under the symbol SPTX. Goldman Sachs, J.P. Morgan, Leerink Partners, Citi, and Stifel acted as joint bookrunners on the deal.
