Karuna Therapeutics Files for $52 Million Offering

November 19, 2019

Karuna Therapeutics filed the paperwork for a $52 Million offering on 11/18/19. The Boston, MA based company focuses on developing treatments for neurological disorders and currently has develop programs for schizophrenia, Alzheimer's and pain. Their stock trades on NASDAQ under the symbol “KRTX."

The company's lead product candidate, KarXT, is an oral modulator of muscarinic receptors and is being developed to treat psychosis in schizophrenia patients. The company also plans to explore its benefit in psychosis in Alzheimer's and in pain treatment.

On 11/18/19, Karun announced results from its PhII trials of KarXT in acute psychosis in patients with schizophrenia. The drug met primary its primary endpoint.

The company's IPO was closed in July of 2019. Gross proceeds were $102.6 million. As of this writing Karuna's stock was up 47% on the strength of KarXT's trial results.

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