19th Jun 2018 12:09
LONDON (Alliance News) - Puretech Health PLC said Tuesday its affiliate Karuna Pharmaceuticals received USD8 million from the Wellcome Trust for product development.
The Translational Fund Award will be used to advance Karuna's lead product candidate KarXT through a phase two study in people with schizophrenia.
The Wellcome Trust previously awarded Karuna USD3.8 million to fund a phase one tolerability proof-of-concept study with KarXT, which reported "successful results". Both awards have been structured in the form of unsecured convertible loans.
Puretech's Chief of Research & Strategy Eric Elenko said: "This award from Wellcome acknowledges Karuna's first-in-class approach to address CNS illnesses with tremendous unmet need.
"We are well-positioned to continue to advance this promising new treatment for schizophrenia, a debilitating disease that affects over 20 million people, and we look forward to potentially expanding across other CNS disorders."
Shares in Puretech Health were up 1.5% Tuesday at 154.34 pence each.
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