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Krystal Biotech launches $60M offering to fund gene therapies

Krystal Biotech Inc., a developer of gene therapies, said it launched an underwritten public offering to raise $60 million.

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

The Pittsburgh-based company plans to grant the underwriters an option to buy up to an additional $9 million worth of common shares.

The company intends to use the net proceeds from the offering to develop KB103 as a treatment for a skin blistering condition called dystrophic epidermolysis bullosa as well as to fund KB103, another potential skin therapy.

The rest of the funds are expected to be used for working capital and general corporate purposes, including research and development expenses and capital expenditures.