Fortress Biotech and Subsidiary Urica Therapeutics Announce Crystalys Therapeutics' $205 Million Series A Financing

Core Insights - Urica Therapeutics has sold dotinurad to Crystalys Therapeutics in 2024, receiving equity and a 3% royalty on future net sales [1][3] - Crystalys has successfully closed a $205 million Series A financing to support Phase 3 clinical trials for dotinurad, a next-generation URAT1 inhibitor for gout treatment [1][2] - Dotinurad has shown robust efficacy and a well-defined safety profile in multiple clinical studies across Asia, leading to its approval in Japan, China, Philippines, and Thailand [2] Company Developments - The financing round for Crystalys was co-led by Novo Holdings, SR One, and Catalys Pacific, with participation from various investors including Perceptive Xontogeny Venture Funds and Lightstone Ventures [1] - Fortress Biotech, the parent company of Urica, aims to expedite dotinurad's development in the U.S. and Europe, potentially benefiting millions of gout patients [3] - Fortress has achieved significant milestones, including the acquisition of Checkpoint Therapeutics by Sun Pharma, which provided approximately $28 million upfront [3] Strategic Positioning - Urica holds a minority equity position in Crystalys and has the right to appoint a board member, enhancing its influence in the development of dotinurad [3] - Fortress Biotech focuses on acquiring and advancing biopharmaceutical assets to enhance long-term shareholder value through product revenue and royalties [4] - The company has established partnerships with leading academic institutions and biopharmaceutical companies to maximize its product opportunities [4]