(Alliance News) - PureTech Health PLC on Tuesday said its founding chief executive officer, Daphne Zohar, will shift to become CEO of Seaport Therapeutics, a biopharmaceutical company founded by PureTech.
Zohar will be replaced as CEO of PureTech by Bharatt Chowrira, who has been with PureTech since 2017, serving as chief business, finance and operating officer.
Zohar's move follows a successful USD100 million series A funding round by Seaport. The funding was provided by PureTech, together with Arch Venture Partners, Sofinnova Investments and Third Rock Ventures. Following the funding round, PureTech will continue to hold a controlling 61.5% stake in Seaport and consolidate Seaport's results into its own.
Both PureTech and Seaport are based in Boston, Massachusetts.
Seaport uses its GlyphTM technology platform to advance a clinical-stage pipeline of neuropsychiatric medicines. GlyphTM takes advantage of the body's lymphatic system to enable the oral administration of drugs. The drugs are absorbed like dietary fats through the intestinal lymphatic system and transported into circulation.
PureTech shares were up 1.4% to 218.50 pence in London on Tuesday.
By Tom Waite, Alliance News editor
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