08:53 AM EDT, 10/21/2024 (MT Newswires) -- PureTech Health's ( PRTC ) founded entity Seaport Therapeutics said Monday it closed an oversubscribed $225 million Series B financing round.

The company said General Atlantic led the funding, which included participation from T. Rowe Price Associates, Foresite Capital, Invus, Goldman Sachs Alternatives, CPP Investments, and other new investors, as well as founding investors like ARCH Venture Partners and Third Rock Ventures.

Following the financing, PureTech will maintain a 36.7% equity ownership in Seaport.

With the Series B funding, Seaport has raised $325 million since its launch in April 2024.

The company said proceeds from the financing round will be used to advance Seaport's clinical-stage pipeline of innovative medicines and enhance the capabilities of its Glyph technology platform, which is designed to improve oral bioavailability and reduce side effects associated with traditional drug delivery.

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