Karuna Announces First Patient Dosed in Phase 2 Study of Lead Product Candidate KarXT for the Treatment of Schizophrenia

Phase 2 study aims to reproduce significant efficacy previously observed in schizophrenia trial with xanomeline alone

Company also announces successful Phase 1 study of proprietary xanomeline and trospium chloride co-formulation, which will be used in Phase 2 study

Karuna Pharmaceuticals, Inc. (“Karuna”), focused on targeting muscarinic cholinergic receptors for the treatment of neuropsychiatric disorders marked by psychosis and cognitive impairment, today announced the initiation of a Phase 2 study evaluating the efficacy and safety of its lead product candidate, KarXT (Karuna-Xanomeline-Trospium), for the treatment of psychosis in schizophrenia. The study will use a co-formulation of KarXT, which was well-tolerated at dose levels exceeding those shown to be efficacious in previous xanomeline studies. Top-line data results from the Phase 2 study are expected at the end of 2019.

“We are excited to progress our development of KarXT, which has the potential to be the first antipsychotic drug with a unique mechanism in over 60 years and one which could be effective in treating not only positive symptoms but also the disabling negative and cognitive symptoms of the disease. Our Phase 2 study uses the same fundamental design as the successful efficacy study conducted previously with xanomeline alone,” said Steve Paul, M.D., Chief Executive Officer of Karuna. “We have designed KarXT as a novel approach to reduce the cholinergic sides effects related to the activation of peripheral muscarinic receptors that were observed in previous studies by Eli Lilly. We have now demonstrated the improved tolerability in two Phase 1 studies, including with the proprietary co-formulation of xanomeline and trospium.”

Karuna’s KarXT was evaluated in a Phase 1 dose-ranging study that enrolled 70 healthy volunteers and successfully demonstrated tolerability at dose levels exceeding those shown to be efficacious in previous studies of xanomeline alone. The co-formulation also achieved exposure levels equivalent to or higher than the separate dosage forms used previously, and the results supported dose selection to be carried forward into Phase 2. There were no severe or serious adverse events reported in the co-formulation study. Side effects associated with KarXT were mild-to-moderate and transient in nature, often only lasting a few hours, and they were consistent with the previous KarXT study that used separate dosage forms for xanomeline and trospium.

The Phase 2 study is a double-blind, placebo-controlled study designed to evaluate the efficacy and safety of KarXT in approximately 160 patients with schizophrenia. The primary endpoint is total change from baseline Positive and Negative Syndrome Scale (PANSS) score compared to placebo. Additional endpoints will assess cognitive and negative symptoms in addition to general symptomology. The study employs a flexible dose design where patients are randomized in a 1:1 ratio to receive either KarXT or placebo for 5 weeks. Patients assigned to the KarXT arm will be treated with 100/20 mg xanomeline/trospium with the option to increase the dose to 125 mg/30mg xanomeline/trospium after the first week of the study.

About Schizophrenia

Schizophrenia affects more than 20 million people worldwide and is characterized by profound disruptions to daily life. Symptoms are grouped within three domains: positive, negative, and cognitive. Positive symptoms are generally associated with psychotic behaviors, including hallucinations and delusions. Negative symptoms refer to disruptions in behavior and emotions and can manifest as reduced social engagement and motivation. Cognitive symptoms are marked by changes in memory and attention. The prognosis for schizophrenia remains poor as only 30 percent of patients live independently and only 10 to 20 percent maintain full-time employment. There is a desperate need for new treatments in schizophrenia that not only address positive, negative, and cognitive symptoms of the disease, but are also safer than existing medicines.

About KarXT

KarXT (Karuna-Xanomeline-Trospium) is Karuna’s lead investigational product candidate for the treatment of psychosis in schizophrenia. It consists of xanomeline, a novel muscarinic acetylcholine receptor agonist that has demonstrated efficacy in placebo-controlled human trials in schizophrenia and Alzheimer’s disease, and trospium chloride, an FDA-approved and well-established muscarinic receptor antagonist that has been shown not to enter the central nervous system (CNS). KarXT is designed to selectively target M1/M4 muscarinic receptors in the brain while blocking their activation in peripheral tissues to significantly improve tolerability. Results from a Phase 1 study demonstrating the improved tolerability of KarXT vs. xanomeline alone were announced in 2016, and a more recent Phase 1 study completed in 2018 supported the development of a co-formulation of KarXT that is now being evaluated in a Phase 2 study.

About Karuna Pharmaceuticals

Karuna is a clinical-stage drug development company targeting muscarinic cholinergic receptors for the treatment of psychosis and cognitive impairment across central nervous system (CNS) disorders, including schizophrenia and Alzheimer’s disease, as well as pain. Karuna’s lead product candidate, KarXT (Karuna-Xanomeline-Trospium), is being evaluated in a Phase 2 study in people with schizophrenia, with top-line results anticipated at the end of 2019. Karuna, which was founded by PureTech Health (LSE: PRTC), has a worldwide exclusive license for xanomeline and has an intellectual property portfolio more broadly covering selective muscarinic targeting enabled by the KarXT approach. For more information, visit www.karunapharma.com.

Forward Looking Statement

This press release contains statements that are or may be forward-looking statements, including statements that relate to the company's future prospects, developments and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks and uncertainties described in the risk factors included in the regulatory filings for PureTech Health plc. These forward-looking statements are based on assumptions regarding the present and future business strategies of the company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law and regulatory requirements, neither the company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

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Karuna Pharmaceuticals, Inc.InvestorsAllison Mead Talbot, +1 [e-mail].S. mediaTom Donovan, +1 [e-mail]