Crystalys Therapeutics announced the closing of an oversubscribed $130 million Series B financing to support late-stage global clinical development and commercialization preparation of dotinurad, a next-generation, once-daily, oral URAT1 inhibitor for the treatment of gout. The round was led by Frazier Life Sciences, with participation from Wellington Management, HBM Healthcare Investments, Soleus Capital, Cormorant Asset Management, Trails Edge Capital Partners, Pivotal bioVenture Partners, KCap Biotechnology Fund, and a group of existing investors including Novo Holdings and SR One.
Dotinurad’s clinical development program includes two ongoing Phase 3 registration-directed trials, called RUBY and TOPAZ, along with an ongoing Phase 2 study called AMETHYST, collectively designed to evaluate the drug across a broad range of gout patients, including those with limited treatment options. The company said proceeds from the financing are expected to support the ongoing studies, commercialization preparation, and operational runway through several anticipated clinical and regulatory milestones. Dotinurad was originally invented by Fuji Yakuhin and has already received regulatory approval in Japan, China, the Philippines, Taiwan, and Thailand.
Crystalys is headquartered in San Diego and was co-founded by Catalys Pacific and Novo Holdings. The company says gout, the most common form of inflammatory arthritis, currently lacks approved second-line treatment options in the U.S. and E.U. for patients who fail first-line xanthine oxidase inhibitors.
KEY QUOTES:
“We are delighted to have the support of this strong syndicate of new investors and all our existing investors as we advance dotinurad through late-stage clinical development and into commercialization preparation. This financing strengthens our ability to advance our RUBY, TOPAZ and AMETHYST studies and positions Crystalys to achieve multiple important clinical and regulatory milestones and commercial readiness.”
James Mackay, Ph.D., President and Chief Executive Officer, Crystalys Therapeutics
“We are pleased to support Crystalys at this important stage of growth as the company continues to advance dotinurad. The company has built a strong foundation around a late-stage asset with the potential to address significant unmet needs in gout, supported by an experienced leadership team.”
Kevin Li, Partner, Frazier Life Sciences
