Biotechnology Research Crystalys Therapeutics Scores $130M in Series B Funding Round

The round also saw participation from Wellington Management, HBM Healthcare Investments, Soleus Capital, Cormorant Asset Management, Trails Edge Capital Partners, Pivotal bioVenture Partners and KCap Biotechnology Fund.

It also included 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. 

The company will use the funding to support late-stage clinical trials and prepare for the commercial launch of dotinurad, a once-daily oral treatment for gout and high uric acid.

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Dotinurad is currently being studied in two Phase 3 clinical trials, RUBY and TOPAZ, and a Phase 2 trial called AMETHYST. These studies are evaluating the treatment in a wide range of gout patients, including those who have limited treatment options.

"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 commercialization preparation," said James Mackay, Ph.D., 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.

"We are pleased to support Crystalys at this important stage of growth as the company continues to advance dotinurad," said Kevin Li, Partner, Frazier Life Sciences. "The company has built a strong foundation around a late-stage asset with the potential to address significant unmet needs in gout, supported by an experienced leadership team.

About Crystalys Therapeutics

Founded in 2025 by James Mackay and Nihar Bhakta, Crystalys Therapeutics is a clinical-stage biopharmaceutical company focused on developing better treatments for gout. Its lead drug candidate, dotinurad, is a next-generation, once daily oral treatment that is being developed as a second line therapy to lower uric acid levels and reduce gout flares and tophi.

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