Kriya Therapeutics garnered over $1.2 billion in funding, but it remains unclear about the intended purposes.
Kriya Therapeutics Secures $320 Million in Series D Funding
Kriya Therapeutics, a North Carolina-based startup founded in 2019, has announced a significant investment of $320 million in a Series D funding round. This news comes less than a month after the company's August fundraise, marking a remarkable milestone in Kriya's journey.
The startup, which has its sights set on the gene therapy space, has been making waves with its innovative approaches. Kriya Therapeutics has developed three adeno-associated virus (AAV)-based gene therapy candidates: KT-A112, KT-A522, and KT-A832. These candidates are designed to treat various conditions, including type 1 and type 2 diabetes, type 2 diabetes and severe obesity, and type 1 diabetes, respectively.
The specifics of the $313.3 million funding plans for Kriya Therapeutics are undisclosed, but the company has been open about its ambitions. The funds will likely be used to advance its pipeline of nine candidates, with two (KRIYA-825 and KRIYA-748) currently in the clinic.
KRIYA-825 is a potential one-time gene therapy for geographic atrophy, a progressive eye disease. It expresses a fusion protein to inhibit complement C3 and C5, offering hope for those affected by this condition. KRIYA-748, on the other hand, is a clinical candidate designed to treat trigeminal neuralgia, expressing an ion channel upon CNS injection.
In addition to its own developments, Kriya Therapeutics has been strategic in its partnerships. The company has entered into a licensing deal with the Medical University of South Carolina (MUSC) Foundation to develop gene therapies for geographic atrophy. It has also struck a deal with Everads Therapy in 2023 to enhance the delivery of gene therapies to the eyes. Furthermore, Kriya Therapeutics signed a deal with Twist Bioscience to create antibodies for cancer treatment.
The investments in Kriya Therapeutics have continued despite a decline in investor interest in gene therapies and a significant drop in funding compared to 2021. This vote of confidence speaks volumes about the potential of Kriya's work.
Shankar Ramaswamy, co-founder, chairman, and CEO of Kriya Therapeutics, has been the driving force behind the company's success. Despite being the brother of billionaire Vivek Ramaswamy, who ran for U.S. president in 2022 and is running for Governor in the 2026 Ohio elections, Shankar has focused primarily on biotech innovation and company growth without publicly engaging in political positions or investments linked to his brother.
Kriya Therapeutics has also made strategic acquisitions, including Redpin Therapeutics and Warden Bio, both based in New York. The company has also secured a series A round of $80 million, a series B round of $100 million, and $270 million in a series C round in May 2022, led by Patient Square Capital.
To bolster its capabilities, Kriya Therapeutics has opened a 51,350 square foot manufacturing facility for gene therapies in North Carolina. This expansion underscores the company's commitment to advancing the field of gene therapy and bringing innovative treatments to patients.
With its latest funding round, Kriya Therapeutics has raised a total of $1.2 billion in six years, a testament to its promising pipeline and strategic approach. The future looks bright for this North Carolina-based startup as it continues to push the boundaries of gene therapy.
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