WATERTOWN, Mass.--(BUSINESS WIRE)--Lyra Therapeutics, Inc., a clinical-stage biotechnology company developing medicines precisely designed to target ear, nose and throat (ENT) diseases, announced today a $29.5 million Series B equity financing. Proceeds from the financing will be used to advance the company’s lead product candidate, LYR-210, into a Phase 2 clinical study for chronic rhinosinusitis, as well as applying Lyra’s proprietary transmucosal platform for other ENT diseases. The Series B round is led by Perceptive Advisors and includes new investors RA Capital Management, ArrowMark Partners and Soleus Capital, as well as participation by existing investors Polaris Venture Partners, North Bridge Venture Partners and Intersouth Partners.
The Series B financing provides Lyra with the funding for the planned Phase 2 study of LYR-210 in chronic rhinosinusitis (CRS), a debilitating disease caused by inflammation of the paranasal sinus tissues that affects approximately 27 million people, or 11% of the adult population in the U.S., according to the U.S. Centers for Disease Control.1 LYR-210 has been developed to use Lyra’s transmucosal therapeutic system to deliver a custom long-acting formulation of an approved steroid deep into the sinonasal tissues that are not accessible with conventional therapeutic approaches. LYR-210 is designed to directly release anti-inflammatory steroid therapy for up to six months. Lyra is applying its transmucosal therapeutic system, comprised of drug administered through a polymeric matrix, to address other ear, nose and throat diseases.
“We are delighted by the strong interest in this Series B fundraising and are excited to broaden our investor base by having Perceptive Advisors, RA Capital Management, ArrowMark Partners and Soleus Capital join our existing investors,” said Maria Palasis, Ph.D., President and Chief Executive Officer of Lyra Therapeutics. “With this funding and the progress of LYR-210 in the clinic, we believe Lyra is well positioned to achieve our goal to transform the ENT treatment paradigm by providing effective front-line solutions for physicians and new treatment options for their patients. We are excited to rapidly move forward with our Phase 2 clinical plans for LYR-210 for chronic rhinosinusitis, a disease for which millions of patients seek new treatment options and alternatives to surgeries.”
Based on clinical results and progress to date, LYR-210 has the potential to be the first approved drug product for CRS and is the only product announced in development to offer six months of drug therapy with a single administration. LYR-210 is biodegradable and is designed to be administered by a physician in a routine office visit. In Phase 1 clinical testing, LYR-210 was shown to be safe and well-tolerated and demonstrated significant improvements in clinical outcomes in patients with CRS. LYR-210 was successfully delivered to CRS patients both with and without nasal polyps.
“Lyra Therapeutics is pioneering a new approach to the rapidly-evolving field of ENT therapeutics and has made strong progress with its lead product candidate, LYR-210, with potential for a pipeline of additional therapeutics for other ENT diseases,” said Michael Altman, of Perceptive Advisors. “We look forward to supporting Lyra’s plans to open up new therapeutic opportunities for ENT diseases and to bring innovative medicines to patients.”
Concurrent with the financing, Michael Altman of Perceptive Advisors has joined Lyra’s board of directors. Recently, the company changed its name to Lyra Therapeutics, Inc., from 480 Biomedical, Inc.
LYR-210 has the potential to be the first approved drug product for chronic rhinosinusitis (CRS) and is the only product announced in development to offer six months of drug therapy with a single administration. Utilizing Lyra’s proprietary transmucosal therapeutic system, LYR-210 is engineered to deliver a custom long-acting formulation of an approved steroid, mometasone furoate, deep into the sinonasal tissues that are not accessible with conventional therapeutic approaches. LYR-210 is biodegradable and is designed to be administered by a physician in a routine office visit.
About Lyra Therapeutics
Lyra Therapeutics is a clinical-stage biotechnology company developing medicines precisely designed to target ear, nose and throat (ENT) diseases, offering an alternative to conventional treatments or surgeries. The company’s lead drug candidate, LYR-210, offers a novel approach for directing anti-inflammatory medicine deep into sinonasal tissues for up to six months of therapy. With proprietary expertise in drug development and materials science, Lyra is applying its transmucosal therapeutic system – comprised of drug administered through a polymeric matrix – with the goal of enabling therapeutic action at the site of inflammation in the sinonasal passages. Lyra Therapeutics is located in the biotechnology region in Boston. For more information, please visit www.lyratx.com.