Crystalys Therapeutics Inc. has closed an oversubscribed $130m Series B financing to support the late-stage global clinical development and commercialisation preparation of dotinurad, a once daily, oral URAT1 inhibitor with the potential to deliver best-in-class safety and efficacy for the treatment of gout.
Dotinurad’s clinical development program includes two ongoing phase 3 registration-directed trials, RUBY and TOPAZ, as well as the ongoing phase 2 AMETHYST study, collectively designed to evaluate dotinurad across a broad spectrum of patients with gout, including those with limited treatment options. The proceeds from the financing are expected to support ongoing clinical development of dotinurad, commercialisation preparation activities and provide operational runway through multiple anticipated clinical and regulatory milestones.
“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 commercialisation preparation,” said James Mackay, president and chief executive officer of Crystalys Therapeutics.
“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 as we work to bring a potentially best-in-class treatment option to patients living with gout. “
The financing 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 and KCap Biotechnology Fund and all existing investors – Novo Holdings, SR One, Catalys Pacific, Perceptive Xontogeny Venture Funds, Lightstone Ventures, AN Venture Partners, funds managed by abrdn Inc., KB Investments, Pontifax, Longwood Fund, Alexandria Venture Investments, Wedbush Healthcare Partners and Prebys Ventures Fund.