A medicine that sidesteps the brain's dopamine receptors to reach different targets represents a new approach to schizophrenia treatment. The Food and Drug Administration approved it Thursday.

Despite billions of taxpayer dollars spent on mental illness research, Cobenfy was developed by a private biopharmaceutical company.

Developed by Karuna Therapeutics, which was subsequently acquired by Bristol Myers Squibb, the drug works in an entirely different way from existing medications for schizophrenia, which is building excitement and enthusiasm among doctors and patients alike.