Lyra Therapeutics Completes $30 Million Series C Financing
Proceeds to advance company’s lead product candidates for the treatment of chronic rhinosinusitis
Watertown, MA – January 29, 2020 – Lyra Therapeutics, Inc., a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat diseases, today announced it has completed a Series C financing which raised $30 million in new funds.
The investment was led by Perceptive Advisors and includes new investors including Clifton Capital as well as participation by existing investors RA Capital Management, Soleus Capital, ArrowMark Partners, Polaris Venture Partners, North Bridge Venture Partners and Intersouth Partners. Lyra plans to use the proceeds for the advancement of the company’s lead product candidates, LYR-210 and LYR‑220, and for general corporate purposes. LYR-210 and LYR-220 are therapeutic product candidates for the treatment of chronic rhinosinusitis (CRS) designed to deliver up to six months of continuous drug therapy to the sinonasal passages, with LYR-210 for surgically-naïve patients and LYR-220 for operated patients.
“I am delighted to have some of the world’s most prominent life sciences investors participate in our Series C financing, led by Perceptive Advisors. This financing reflects our progress with our global clinical program to advance a new treatment paradigm for chronic rhinosinusitis,” said Maria Palasis, Ph.D., President and Chief Executive Officer of Lyra. “Strengthened by this fundraising, I believe Lyra is well-positioned to further the progress of LYR-210 and LYR-220, two exciting product candidates that we are developing to make meaningful contributions to the treatment of chronic rhinosinusitis, an underserved and debilitating condition that affects approximately 14 million patients in the United States alone.”
Concurrent with the financing, Konstantin Poukalov of Perceptive Advisors has joined Lyra’s Board of Directors.
About Lyra Therapeutics
Lyra Therapeutics, Inc. is a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat diseases. The company’s proprietary technology platform, XTreo™, is designed to precisely and consistently deliver medicines directly to the affected tissue for sustained periods with a single administration. The company’s initial product candidates, LYR-210 and LYR-220, are bioresorbable polymeric matrices designed to be administered in a brief, non-invasive, in-office procedure and intended to deliver up to six months of continuous drug therapy to the sinonasal passages for the treatment of CRS. The therapeutic embedded within LYR-210 and LYR-220 is mometasone furoate, which is the active ingredient in various FDA-approved drugs and has a well-established efficacy and safety profile. CRS is an inflammatory disease of the paranasal sinuses which leads to debilitating symptoms and significant morbidities and affects approximately 14 million people in the United States. The company is advancing LYR-210 as a potential preferred alternative to surgery in an ongoing Phase 2 clinical trial for CRS patients who have failed medical management. In its Phase 1 clinical trial, LYR-210 met its primary safety endpoint, and it was observed that patients generally experienced significant and rapid, clinically meaningful and durable improvement in SNOT-22 scores, an established patient symptom severity scale, through week 25, which was the end of the trial. The company is also developing LYR-220 for use in CRS patients who have an enlarged nasal cavity due to sinus surgery but continue to require treatment to manage CRS symptoms. Beyond CRS, the company believes its XTreo platform has potential applications in other disease areas, which it is actively exploring to further broaden the platform’s therapeutic potential.
# # #