PureTech Health plc announced key progress on its strategic initiatives to deliver innovative medicines to patients and unlock value for shareholders. Seaport Therapeutics was established by PureTech to advance certain neuropsychiatric programs and relevant Glyph intellectual property. Following the Series A financing, PureTech will hold equity ownership in Seaport of 61.5% on a diluted basis.

As part of the strategic advancement of Seaport, Daphne Zohar, PureTech?s founding Chief Executive Officer and a successful entrepreneur with a longstanding passion for developing neuropsychiatric medicines, will transition into the role of Seaport?s Chief Executive Officer. Ms. 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. Long-term PureTech senior executive, Bharatt Chowrira, Ph.D., J.D., has been named Chief Executive Officer of PureTech effective April 9, 2024 and will therefore continue to serve as a director of PureTech.

A 30-year veteran of the biotech industry, Dr. Chowrira has been a member of the PureTech senior management team since March 2017, serving as the Company?s President and Chief Business, Finance and Operating Officer and as a member of the Board of Directors. Prior to joining PureTech, he held leadership roles including Chief Executive Officer, Chief Operating Officer and General Counsel in multiple biotech companies, including Auspex Pharmaceuticals Inc., which was acquired by Teva Pharmaceuticals for $3.5 billion, and Sirna Therapeutics, which was acquired by Merck & Co. for $1.1 billion, and was also a Vice President at Merck & Co.