Urica Therapeutics, Inc. a Fortress Biotech, Inc. (NASDAQ: FBIO) subsidiary, today announced that Crystalys Therapeutics, Inc., in which Urica maintains an equity position, closed a $205-million Series A financing to support the advancement of global Phase 3 clinical studies evaluating dotinurad for the treatment of gout. The financing round was co-led by Novo Holdings, SR One and Catalys Pacific with participation from a broad syndicate of investors including 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.
Crystalys brings together a world-class team with a proven record in gout drug development and deep regulatory success with URAT1 inhibitors. Dotinurad is a next-generation URAT1 inhibitor with potential best-in-class safety and efficacy for the treatment of gout and has demonstrated robust efficacy and a well-defined safety profile across multiple clinical studies in Asia, supporting its approval in Japan, China, Philippines, and Thailand.
CEO Lindsay A. Rosenwald said, “We are very pleased that our transaction with Crystalys could potentially expedite the development of dotinurad in the United States and Europe for millions of people suffering from gout, while simultaneously adding value to Fortress and subsidiary company, Urica, through our equity stake in Crystalys and future royalties from dotinurad once commercialized.
Shares in parent FBIO fell hard, losing $1.26, or 34%, to $2.44.
