BRIEF—PureTech subsidiary celebrates $42 million Series A round

Karuna Pharmaceuticals, a subsidiary of PureTech Health (LSE:PRTC), has announced a successful Series A funding round of $42 million. This financing round included ARCH Venture Partners, the Wellcome Trust, PureTech Health and other undisclosed investors.

Proceeds from the financing will be used to advance its lead product candidate, the anti-psychotic KarXT (karuna-xanomeline-trospium chloride), including the initiation of a Phase II 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, financial lead at PureTech Health, said: "The financial commitment from these high-profile 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 disorders. As KarXT advances into a Phase II trial, we believe strongly in Karuna’s unique mechanism of action and potential."