WATERTOWN, Mass.--(BUSINESS WIRE)--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 (ENT) diseases, today announced the appointment of Brad Smith to its Board of Directors. Mr. Smith is an experienced leader in the biotechnology and healthcare industry, with more than 27 years of experience primarily focused on finance and business development.
“We are delighted to welcome Brad Smith to our Board of Directors,” said Maria Palasis, Ph.D., President and Chief Executive Officer of Lyra Therapeutics. “Brad brings with him an outstanding track record of financial and strategic development in the healthcare industry, including valuable insights and experiences in institutional investment, financing transactions and strategic planning, and we look forward to gaining the benefit of this expertise as we grow Lyra’s business.”
“I am delighted to be joining Lyra’s Board of Directors and look forward to providing counsel to the company’s experienced management team,” said Mr. Smith. “Lyra is pioneering innovative treatments for ear, nose and throat diseases, with the aim of improving patient outcomes in this area of unmet medical need. It’s an exciting time to become a part of the company as it advances it’s lead drug candidate through a Phase 2 trial, and I look forward to contributing to Lyra’s development in the months and years ahead.”
Brad Smith has more than 27 years of experience leading business and financial operations for public and private companies in the biotechnology and healthcare industry. During his career, he has been instrumental in raising more than $800 million in private and public equity and debt financing, and has played a key role in business development and strategic planning functions, successfully guiding four companies through the initial public offering (IPO) process and growth stages of their businesses.
Mr. Smith is currently the Chief Financial Officer of Homology Medicines, Inc. (NASDAQ: FIXX), which he joined in 2017. Prior to joining Homology, he served as Chief Financial Officer of Ocular Therapeutix, Inc., (NASDAQ: OCUL) where he led the company’s strategic financings, including an IPO and subsequent follow-on offerings, and completed a development and commercialization deal with a major biopharmaceutical company. Previously, Mr. Smith served as Chief Financial Officer of five other companies, including OmniGuide Surgical, NeuroMetrix, Inc., SYNARC, PatientKeeper, Inc. and Focal, Inc.
Mr. Smith holds a B.S. in Biology from Tufts University and an M.B.A. from the Whittemore School at the University of New Hampshire. He became a Certified Public Accountant while working at Coopers & Lybrand.
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 chronic rhinosinusitis (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 13 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 believe its XTreo platform has potential applications in other disease areas, which it is actively exploring to further broaden the platform’s therapeutic potential.