Karuna Therapeutics, a Boston, MA-based clinical-stage drug development company, raised a $68m Series B funding. The round – whose completion also included the issuance of $5m in shares upon conversion of debt into equity – 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 funding, Heather Preston, M.D., managing director of Pivotal bioVenture Partners, has joined the board of directors of Karuna. Proceeds from the financing 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, and continue to build company infrastructure.