Krystal Biotech Raises $200 Million in Public Offering to Advance Redosable Gene Therapies
December 2, 2021
Krystal Biotech, a company focused on redosable gene therapies for rare diseases, raised an estimated $200 million through a public offering of 2.7 million shares of its common stock at $75 per share.
The company and certain selling stockholders also granted the underwriters a 30-day option to purchase up to an additional 400,000 shares of the company’s common stock offered in the public offering.
The financing comes on the heels of positive top line results for the company experimental therapy for the rare skin condition dystrophic epidermolysis bullosa. On November 29, Krystal reported that Vyjuvek, an experimental, non-invasive, topical gene therapy led to durable wound healing in dystrophic EB wounds in a pivotal trial, achieving the primary and secondary endpoints demonstrating a statistical difference between the active and placebo groups for wounds that demonstrated complete wound healing at both the three- and six-month timepoints.
Based on the results, Krystal plans to file an application with the FDA in the first half of 2022 for approval to market Vyjuvek and expects to submit an application for European approval shortly after that.
Krystal intends to use the net proceeds from this offering to prepare for potential commercialization of lead candidate Vyjuvek for dystrophic epidermolysis bullosa, to advance the clinical development of KB105 in TGM1-deficient ARCI, and preclinical development of KB104 for Netherton syndrome as well as other candidates in its pipeline.
Author: Rare Daily Staff
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