1st Apr 2019 14:40
LONDON (Alliance News) - Biopharmaceutical firm PureTech Health PLC said on Monday its affiliate Karuna Therapeutics Inc has raised USD12 million as an extension of its Series B financing first announced in March.
This extension has brought the total financing to USD80 million, including the issue of USD5 million in shares on the conversion of debt into equity.
The extension funding was provided by Sofinnova Investments, which will also hold an observer seat on Karuna's board of directors.
In addition, PureTech noted that Karuna was awarded its first US patent for its lead product candidate KarXT in late March, which is currently being evaluated in a phase two clinical trial as a possible treatment for psychosis in patients with schizophrenia.
"Top tier investors have responded strongly to the promise of Karuna's KarXT and its underlying muscarinic receptor-targeting approach to neuropsychiatric disorders. We welcome their support in driving the expansion of this platform's potential to address a number of underserved patient populations," said Eric Elenko, chief innovation officer at PureTech.
Shares in PureTech Health were up 1.3% at 164.62 pence on Monday.
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