PITTSBURGH, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Krystal Biotech Inc. (NASDAQ: KRYS), the leader in redosable gene therapies for rare diseases, today announced that it has priced the previously announced underwritten public offering of 1,923,077 shares of its common stock, at a public offering price of $65.00 per share. The Company granted the underwriters a 30-day option to purchase up to an additional 288,461 shares of its common stock. The gross proceeds to the Company from this offering are expected to be approximately $125 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company. The offering is expected to close on or about February 5, 2021, subject to satisfaction of customary closing conditions.
Goldman Sachs & Co. LLC, Cowen, and Evercore ISI are acting as joint book-running managers for the offering. H.C. Wainwright & Co. is acting as lead manager for the offering and Ladenburg Thalmann & Co. Inc. and SMBC Nikko are acting as co-managers for the offering.
The Company currently intends to use the net proceeds from this offering together with its existing cash, cash equivalents and short-term investments: (i) to complete the ongoing pivotal trial of B-VEC for DEB and prepare for potential commercialization; (ii) to advance the clinical development of KB105 in TGM1-deficient icthyosis and preclinical development of KB104 for Netherton syndrome; (iii) to advance development of KB407 for cystic fibrosis; (iv) to accelerate the Company’s emerging respiratory pipeline; (v) to complete development of a good manufacturing practices certified manufacturing facility for scale-up production of the Company’s pipeline compounds and commencement of operations of that facility; and (vi) the balance for working capital and general corporate purposes, including research and development expenses and capital expenditures.
This announcement is for informational purposes only and is not an offer to sell or the solicitation of an offer to buy any securities of the Company, which is made only by means of a prospectus supplement and related base prospectus, nor will there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Krystal Biotech
Krystal Biotech, Inc. (NASDAQ:KRYS) is a pivotal-stage gene therapy company leveraging its novel, redosable gene therapy platform and in-house manufacturing capabilities to develop therapies to treat serious rare diseases.
