Drug development company Karuna Therapeutics Inc revealed on Monday the completion of its USD68m Series B financing round, including the issuance of USD5m in shares upon conversion of debt into equity.

The company added that the financing was led by ARCH Venture Partners, with participation from Fidelity Management & Research Company, Eventide Asset Management, Pivotal bioVenture Partners, Partner Fund Management, Wellcome Trust, Sands Capital, Alexandria Venture Investments and founder PureTech Health.

In conjunction with the financing, Heather Preston, MD, managing director of Pivotal bioVenture Partners, has joined the board of directors of Karuna.

Proceeds from the financing will be used to advance clinical development of lead schizophrenia product candidate, KarXT, for additional indications beyond the ongoing Phase 2 clinical trial in schizophrenia and for expansion of the pipeline. The proceeds will be used to advance the development of KarXT into several new indications, including geriatric psychosis and pain, progress new formulations of KarXT, expand the pipeline as well as continue to build company infrastructure.