Crystalys Therapeutics, Inc. closed an oversubscribed $130 million Series B financing round to support late-stage clinical development and commercialization preparation of dotinurad, an oral URAT1 inhibitor for the treatment of gout, according to a press release from Fortress Biotech (NASDAQ: FBIO).

Urica Therapeutics, Inc., a majority-owned subsidiary of Fortress Biotech, holds a minority equity position in Crystalys and is eligible to receive a 3% royalty on future net sales of dotinurad. Crystalys acquired dotinurad from Urica in 2024.

The proceeds are intended to fund two ongoing Phase 3 registration-directed trials, known as RUBY and TOPAZ, as well as the ongoing Phase 2 AMETHYST study. The trials are designed to evaluate dotinurad across a range of patients with gout, including those with limited treatment options. Funds are also expected to support commercialization preparation and provide operational runway through multiple anticipated clinical and regulatory milestones.

Lindsay A. Rosenwald, M.D., Fortress Biotech's Executive Chairman, President and Chief Executive Officer, said the financing "strengthens the position of Fortress and our subsidiary Urica, through Urica's equity stake in Crystalys and royalties tied to dotinurad's future commercialization."