Karuna Therapeutics, the US-based neuropsychiatric disorder drug developer backed by pharmaceutical firm PureTech Health and property developer Nan Fung, has confidentially filed for its initial public offering.
Founded in 2009, Karuna is developing therapies for neuropsychiatric conditions: mental disorders that are typically attributed to diseases that originate from the nervous system, such as Alzheimer’s disease-related psychosis.
The company’s lead drug candidate, KarXt, is undergoing phase 2 clinical trials for the treatment of acute psychosis in schizophrenia patients.
The news comes after Karuna closed an $80m series B round earlier this month following a $12m extension from venture capital firm Sofinnova Investments.
The March 2019 first tranche included PureTech Health; Pivotal BioVenture Partners, the healthcare investment firm formed by Nan Fung; and Alexandria Venture Investments, life sciences real estate investment trust Alexandria Real Estate Equities’ VC unit.
Investment and financial services group Fidelity Management & Research, Arch Venture Partners, Eventide Asset Management, Partner Fund Management, Wellcome Trust and Sands Capital filled out the initial close.
Karuna had previously collected $42m in an August 2018 series A round backed by PureTech Health, Arch Venture Partners, Wellcome Trust and private investor Steven Paul.