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Krystal prices $60M common stock offering

Krystal Biotech Inc. priced its public offering of 3.0 million common shares at $20 per share to raise about $60.0 million in gross proceeds.

The Pittsburgh, Pa.-based gene therapy developer granted the underwriters an option to buy up to an additional 450,000 shares.

Krystal intends to use the net proceeds to fund the development of its medicine KB103 to treat a skin blistering condition called dystrophic epidermolysis bullosa and another potential skin therapy named KB105, the trials for which are expected to begin in the first half of 2019.

The company also intends to use the funds to complete the development of a manufacturing facility and the remainder for working capital and general corporate purposes, including research and development expenses and capital expenditures.

Cowen, William Blair and Cantor are acting as joint book-running managers while Chardan is serving as the lead manager for the offering.