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Karuna brings in $68mm through its Series B round

Executive Summary

Karuna Therapeutics Inc. (muscarinic receptors for psychiatric and cognitive disorders) completed a $68mm Series B round; $5mm of that amount includes the issuance of shares upon conversion of debt into equity. The financing was led by Arch Venture Partners, which was joined by other returning investors the Wellcome Trust and founder PureTech Health, along with new backers Fidelity Management & Research Co., Eventide Asset Management, Pivotal bioVenture Partners (adds a board member), Partner Fund Management, Sands Capital, and Alexandria Venture Investment. The company will use the proceeds to expand its pipeline, including the pursuit of new formulations and indications (such as geriatric psychosis and pain) for Phase II schizophrenia candidate KarXT (trospium chloride/xanomeline). Along with a $42mm Series A round in August 2018, Karuna has brought in $110mm to date.
Deal Industry
  • Biotechnology
  • Pharmaceuticals
Deal Status
  • Final
Deal Type
  • Financing
    • Private Placement

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