Fortress Biotech's Urica Therapeutics Secures Major Financing Round
Major Financing Secured by Crystalys Therapeutics
Urica Therapeutics, Inc., a subsidiary of Fortress Biotech, Inc. (NASDAQ: FBIO), has successfully supported the recent $205 million Series A financing of Crystalys Therapeutics, Inc. This funding is a significant step towards advancing global Phase 3 clinical trials for dotinurad, a next-generation URAT1 inhibitor, which shows promise in treating gout.
Details of the Financing Round
The financing round saw participation from leading investors such as Novo Holdings, SR One, and Catalys Pacific, along with a broad range of other venture partners including Perceptive Xontogeny Venture Funds and Lightstone Ventures. This robust syndicate brings together strong financial backing to propel the advancement of dotinurad in clinical settings.
Urica’s Strategic Position
As a result of Urica selling dotinurad to Crystalys, it maintains an equity stake and is entitled to a 3% royalty on future net sales. This transaction places Urica in a unique and favorable position, given the proven efficacy and safety profile of dotinurad demonstrated through multiple clinical trials conducted across Asia.
Implications for Gout Treatment
Dotinurad is positioned as a potential best-in-class treatment option for gout due to its robust efficacy and a well-defined safety profile. The next-generation URAT1 inhibitors have already received market approvals in several Asian countries, preparing the stage for its introduction into the United States and European markets.
CEO Comments on Future Prospects
Dr. Lindsay A. Rosenwald, Executive Chairman and CEO of Fortress, expressed enthusiasm regarding the potential of this agreement to accelerate dotinurad's development for the millions suffering from gout. He highlighted how this advancement not only benefits patients but also enhances the financial health of Fortress and Urica through their continuing equity stakes and royalties.
Recent Achievements by Fortress Biotech
This recent financing round is just one of several milestones Fortress Biotech has achieved recently. Other notable accomplishments include the acquisition of their subsidiary Checkpoint Therapeutics by Sun Pharma, which delivered significant upfront payments in addition to potential future royalties linked to UNLOXCYT™.
Long-term Strategy for Value Creation
Fortress is committed to optimizing its diverse portfolio by focusing on both commercial and developmental assets across various therapeutic domains, including oncology, dermatology, and rare diseases. The company has cultivated partnerships with respected academic institutions and biopharmaceutical companies to maximize the potential of its drug candidates.
Company Overview
Fortress Biotech, Inc. is an innovative biopharmaceutical entity dedicated to acquiring and furthering assets to build shareholder value through revenue, equity gains, and royalties. Its extensive portfolio features eight marketed products along with various ongoing development projects, underscoring its prowess in the dynamic life sciences landscape.
Contact Information
For more inquiries or further information about Fortress Biotech, interested parties can reach out to:
Jaclyn Jaffe
Fortress Biotech, Inc.
(781) 652-4500
ir@fortressbiotech.com
Frequently Asked Questions
What is the significance of the $205 million funding for Crystalys Therapeutics?
The funding supports the advancement of Phase 3 clinical trials for dotinurad, an innovative treatment for gout.
How does Urica Therapeutics benefit from the sale of dotinurad?
Urica retains an equity stake in Crystalys and earns a 3% royalty on future net sales of dotinurad.
What is dotinurad?
Dotinurad is a next-generation URAT1 inhibitor with potential advantages in safety and efficacy over existing gout treatments.
What other milestones has Fortress Biotech achieved recently?
Fortress has completed the acquisition of Checkpoint Therapeutics, signaling a successful validation of its business model.
How does Fortress Biotech plan to drive future growth?
Fortress aims to unlock value from its clinical and commercial assets while pursuing new business development opportunities in collaboration with industry leaders.
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