18th Mar 2019 12:04
LONDON (Alliance News) - PureTech Health PLC on Monday said its subsidiary Karuna Therapeutics Inc has completed a USD68 million series B refinancing round to advance the development of KarXT.
The biopharmaceutical company said fundraising includes the issuance of USD5 million in shares upon conversion of debt into equity.
Karuna will use the proceeds to advance the development of KarXT into several new indications, including geriatric psychosis and pain, and to continue to build company infrastructure.
KarXT, Karuna's lead product candidate, is currently being evaluated in a second phase of clinical trial as a potential treatment for acute psychosis in patients with schizophrenia.
"We are pleased to have the participation of this top tier group of new and existing investors in Karuna as the company continues to progress KarXT through a phase 2 study in schizophrenia and looks to expand into new indications, including geriatric psychosis and pain where there is tremendous patient need," said PureTech Chief Innovation Officer Eric Elenko.
PureTech shares were trading 1.3% lower on Monday at 164.84 pence each.
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