Krystal Biotech Announces Proposed $200 Million Public Offering of Common Stock

About this update from Krystal Biotech, Inc.

[{"type":"text","content":"PITTSBURGH, Nov. 29, 2021 (GLOBE NEWSWIRE) -- Krystal Biotech, Inc. (NASDAQ: KRYS) (the “Company”), the leader in redosable gene therapies for rare diseases, today announced that it has commenced a $200 million underwritten public offering of its common stock. The Company and certain selling stockholders intend to grant the underwriters a 30-day option to purchase up to an additional $30 million of the shares of the Company’s common stock offered in the public offering. The offering is subject to market and other conditions, and there can be no assurances as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares to be sold in the proposed offering will be sold by the Company other than up to 200,000 shares of the Company’s common stock that may be sold by the selling stockholders in connection with the exercise of the underwriters’ option to purchase additional shares. Goldman Sachs & Co. LLC, BofA Securities, Cowen and William Blair are acting as the book-running managers for the offering. The Company currently intends to use the net proceeds from this offering, if any, together with its existing cash, cash equivalents and short-term investments as follows: (i) to prepare for potential commercialization of VYJUVEKTM for dystrophic epidermolysis bullosa, if approved; (ii) to advance the clinical development of KB105 in TGM1-deficient ARCI and preclinical development of KB104 for Netherton syndrome; (iii) to advance development of KB407 for cystic fibrosis and KB408 for alpha-1 antitrypsin deficiency; (iv) to accelerate the Company’s emerging respiratory pipeline; (v) to further invest in technology platform development, including exploration of additional routes of administration to target new organ systems and novel transgene payloads; (vi) to complete development of the Company’s second good manufacturing practices certified manufacturing facility and commencement of operations of that facility; and (vii) for working capital and general corporate purposes, including research and development expenses and capital expenditures. The Company will not receive any proceeds from the sale of any shares by the selling stockholders. The offering is being made pursuant to a “shelf” registration statement on Form S-3 (File No. 333-237983) that became effective upon filing with...

More updates from Krystal Biotech, Inc.