PureTech’s Karuna Gets Another $68m For Re-engineered Lilly CNS Candidate

Karuna Therapeutics plans to expand its development program for lead candidate KarXT beyond its current Phase II trial in schizophrenia. The series B financing follows a $42m series A in 2018.

Phoenix — Can xanomeline rise from the ashes? • Source: Shutterstock

Karuna Therapeutics Inc. has raised $68m in a series B round led by ARCH Venture Partners. The firm, an affiliate of PureTech Health PLC, was set up to revive development of the muscarinic acetylcholine receptor agonist xanomeline, formerly under development by Eli Lilly & Co. but discontinued because of its side effects.

Karuna’s KarXT is a co-formulation of xanomeline with the peripherally acting muscarinic antagonist trospium chloride. The purpose of the combination...