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Karuna gets $42 million in financing round

PureTech Health and its affiliate Karuna have completed a $42 million Series A financing round, which will be used to advance its lead product candidate, KarXT (Karuna-xanomeline-trospium chloride), including the a Phase 2 trial in patients with schizophrenia in the third quarter of 2018 and the expansion into other therapeutic areas, including a non-opiate pain indication.

Joep Muijrers, Chief Financial Officer at PureTech Health, said that the financial commitment from investors shows clear confidence in Karuna’s approach to developing what could be the first new mechanism in over 50 years for the treatment of psychosis and cognitive impairment across central nervous system (CNS) disorders. “As KarXT advances into a Phase 2 trial, we believe strongly in Karuna’s unique mechanism of action and potential,” Muijrers said.

Andrew Miller, Co-Founder and Chief Executive Officer of Karuna, also said that the company believes KarXT could be a promising new treatment that safely and effectively addresses the debilitating positive, negative, and cognitive symptoms of patients living with schizophrenia and other central nervous system disorders.

Robert Nelsen, Co-Founder and Managing Director of ARCH Venture Partners, said: “Karuna has all of the characteristics we look for in a game-changing CNS company. Its lead drug candidate has a unique mechanism of action for treating both psychosis and cognition, as well as an exciting non-opiate application for pain. These are therapeutic indications where there is a profound need for new treatments.”

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