Kriya Therapeutics, a biopharmaceutical company focused on developing gene therapies for chronic illnesses, has announced the completion of a $320 million Series D funding round. This substantial investment was co-led by Patient Square Capital and Premji Invest, with additional support from well-known investors in the life sciences and technology sectors, including Peter Thiel, Narya Capital, The T1D Fund, and other long-term backers.
The round was oversubscribed and marked a significant increase in valuation compared to the company’s previous fundraising efforts. As part of the deal, Akshay Rai from Premji Invest has joined Kriya’s Board of Directors.
The funding will be used to support clinical trials for Kriya’s gene therapy programs across several therapeutic areas. These include conditions such as Geographic Atrophy, Thyroid Eye Disease, Type 1 Diabetes, Metabolic Associated Steatohepatitis (commonly known as MASH), and Trigeminal Neuralgia. These diseases are known for their high unmet medical needs and limited treatment options, making Kriya’s work especially important.
Kriya’s approach is built on a proprietary research and manufacturing platform that allows for the precise and scalable development of gene therapies. This platform is designed to improve the purity and reduce the production costs of gene therapy products, which are often complex and expensive to manufacture. By integrating research and development with manufacturing capabilities, Kriya aims to set new standards in the field and bring effective treatments to patients more efficiently.
How the funding will be used: With this new capital, the company is well-positioned to accelerate its clinical programs and continue developing innovative therapies that could transform the treatment of chronic diseases.
KEY QUOTES:
“Our investment thesis to co-lead Kriya’s Series D financing centered on the company’s advanced manufacturing platform, built to support the development and commercialization of gene therapies for prevalent diseases in large markets. Manufacturing constraints have historically limited the evolution of the gene therapy field, and we believe that Kriya has solved these challenges by meticulously building its fully-integrated CMC engine—evidenced by its ability to advance in parallel several first-ever gene therapy candidates for multiple chronic diseases.”
Akshay Rai, Healthcare and Biotech Investor at Premji Invest
“We have been proud to support Kriya since Patient Square led the company’s Series B funding round in 2021 and have been impressed with the team’s vision and the platform’s scientific and commercial potential. This financing marks an important inflection point as the company advances its clinical programs, and we are excited to continue working with the team to move those programs forward.”
Jim Momtazee, Managing Partner of Patient Square Capital
