Puretech-backed Karuna makes Nasdaq debut with $89M IPO
Betting on the potential of two older drugs to fight Alzheimer’s and schizophrenia — Boston-based Karuna Therapeutics has priced its upsized initial public offering in the middle of the range, raising gross proceeds of about $89 million.
The company, which will debut on the Nasdaq under the symbol “$KRTX” on Friday, is working on the hypothesis that a combination of muscarinic acetylcholine receptor agonist xanomeline — an Eli Lilly $LLY castoff — and trospium chloride, an FDA-approved muscarinic receptor antagonist together will make an adept antipsychotic.
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