On September 30, 2025, Crystalys Therapeutics Inc., a clinical-stage biopharmaceutical company, announced its launch with a $205 million Series A financing to support its mission of addressing the significant unmet medical needs of people living with gout. The financing was co-led by Novo Holdings, SR One, and Catalys Pacific, with participation from a broad syndicate of investors, including 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. Wilson Sonsini Goodrich & Rosati advised co-lead investors Novo Holdings and SR One on the transaction.

The financing will support the advancement of global Phase 3 clinical studies evaluating Crystalys’ lead asset, dotinurad, a next-generation, once daily oral, URAT1 inhibitor with potential best-in-class safety and efficacy for the treatment of gout. Dotinurad has already demonstrated robust efficacy and a well-defined safety profile across multiple clinical studies, supporting its approval in Japan, China, Philippines, and Thailand.

The Wilson Sonsini team that advised Novo Holdings and SR One was led by Dan Koeppen and Kassandra Castillo and included Adam Enochs, Stephen Heifetz, and Nimit Dhir.

For more information, please see Crystalys’ news release.