On Thursday, the U.S. Food and Drug Administration approved COBENFY, an oral medication that marks the first new class of drugs for schizophrenia in more than 30 years.

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.

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