Karuna Therapeutics raises $68 mln

Karuna Therapeutics Inc said March 18 that it raised a $68 million Series B round led by ARCH Venture Partners. Participating in the round were Fidelity Management & Research Co, Eventide Asset Management, Pivotal bioVenture Partners, Partner Fund Management, Wellcome Trust, Sands Capital, Alexandria Venture Investments, and founder PureTech Health. Karuna focuses on targeting muscarinic cholinergic receptors for the treatment of neuropsychiatric disorders including psychosis in schizophrenia, psychosis in Alzheimer’s disease, and pain. Karuna, with the $68 million round, plans to issue $5 million in shares upon conversion of debt into equity.

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