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PureTech Health PLC - Boston, Massachusetts-based clinical-stage biotherapeutics firm - Says founded entity Karuna Therapeutics reports positive phase III trial results from Emergent-2 trial for KarXT in schizophrenia. KarXT, or xanomeline-trospium, met its primary endpoint in the trial, showing a significant 9.6 point reduction in Positive and Negative Syndrome Scale total score compared to a placebo. The PANSS scale measures the symptom severity of patients with schizophrenia. The trial also met key secondary endpoints, the firm says. Karuna plans to submit a new drug application with the US Food & Drug Administration in mid-2023.
PureTech holds a 5.5% stake in Karuna, and holds the right to royalty payments of 3% of net sales of any commercialised product developed under KarXT program in the US, EUR and Japan. It is also eligible to receive milestone payments upon the achievement of regulatory approval.
Current stock price: 228.50 pence, up 17% on Monday in London
12-month change: down 29%
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