PureTech Names Bharatt Chowrira CEO As Daphne Zohar Turns CEO Of Newly Launched Seaport Therapeutics

(RTTNews) - PureTech Health plc (PRTC, PRTC.L), a clinical-stage biotherapeutics company focused on devastating diseases, announced Tuesday the launch of Seaport Therapeutics with $100 million oversubscribed Series A financing round to advance novel neuropsychiatric medicines.

The company further announced that its founding Chief Executive Officer, Daphne Zohar, will lead Seaport, a clinical-stage biopharmaceutical company, as Chief Executive Officer, while Steven Paul will be its Chairman. Paul was the CEO and Chair of Karuna Therapeutics, a CNS-focused PureTech Founded Entity that was recently acquired by Bristol Myers Squibb for $14 billion.

PureTech also appointed Bharatt Chowrira as its Chief Executive Officer effective today, succeeding Zohar.

Zohar will formally step down from the board of directors of PureTech with immediate effect and has agreed to serve as a senior advisor and observer to the board of directors of PureTech.

Chowrira, who was President and Chief Business, Finance and Operating Officer since March 2017, will continue to serve as a director of PureTech.

The company also promoted Eric Elenko, a PureTech co-founder and current Chief Innovation Officer, to the role of President of PureTech.

Seaport, the latest Founded Entity to be created by PureTech, was established to advance certain neuropsychiatric programs and relevant Glyph intellectual property.

Seaport has raised $100 million in an oversubscribed Series A financing with participation from top tier biotech investors ARCH Venture Partners, Sofinnova Investments and Third Rock Ventures. The funding would support the development of a novel clinical-stage pipeline of neuropsychiatric medicines created and initially developed internally at PureTech.

Following the Series A financing, PureTech will hold equity ownership in Seaport of 61.5 percent on a diluted basis.