San Diego-based Crystalys Therapeutics, a clinical-stage biopharmaceutical company developing therapies for gout, has closed an oversubscribed USD 130 million Series B financing to support global Phase III development and commercialization preparation for dotinurad, an oral URAT1 inhibitor for gout. The Crystalys Therapeutics Series B funding extends a company that emerged from stealth less than two years ago with a single, in-licensed clinical asset.
The round was led by Frazier Life Sciences, with new participation from Wellington Management, HBM Healthcare Investments, Soleus Capital, Cormorant Asset Management, Trails Edge Capital Partners, Pivotal bioVenture Partners and KCap Biotechnology Fund. Existing investors, including Novo Holdings, SR One, Catalys Pacific, Perceptive Xontogeny Venture Funds, Lightstone Ventures and Alexandria Venture Investments, also participated. Proceeds are intended to fund ongoing clinical development, commercialization readiness and operational runway through upcoming milestones. This Frazier Life Sciences biotech investment follows a USD 205 million Series A that funded the company's 2025 launch and initial dosing in its pivotal trials.
Dotinurad was invented by Japan's Fuji Yakuhin and already approved in Japan, China, Taiwan, the Philippines and Thailand. Crystalys acquired global ex-Asia rights to dotinurad via a 2024 asset purchase from Urica Therapeutics, a Fortress Biotech subsidiary that had originally licensed the compound from Fuji Yakuhin.
The molecule is being developed by Crystalys under its JEWEL clinical program for markets in the US and EU, where no dedicated second-line therapy currently exists between first-line xanthine oxidase inhibitors and last-line uricase treatments. The Phase III gout clinical trial program includes two registration-directed studies, RUBY and TOPAZ, alongside the Phase II AMETHYST trial evaluating patients who have failed or are intolerant to existing therapies. Crystalys has previously reported dosing of first patients in its Phase III studies and later expanded RUBY to European sites. The company also began dosing patients in AMETHYST earlier this year, according to a May announcement.