Lyra Therapeutics announced the closing of its initial public offering of 4,025,000 shares of common stock at a public offering price of $16.00 per share, which includes the exercise in full by the underwriters of their option to purchase up to 525,000 additional shares. The gross proceeds to the Company, before underwriting discounts and commissions and fees and expenses, are approximately $64 million. All of the shares of common stock in the offering were sold by the Company. The Company’s common stock began trading on the Nasdaq Global Market on May 1, 2020 under the ticker symbol “LYRA.”
Lyra is developing treatments for the localized treatment of patients with ear, nose and throat diseases. Its two lead products are LYR-210 and LYR-220, which are being developed for the treatment of chronic rhinosinusitis (CRS). It is estimated that approximately 13 million people in the United States suffer from CRS. The drugs are designed to deliver up to six months of continuous drug therapy to the sinonasal passages. LYR-210 is being developed as a potential preferred alternative to surgery and LYR-220 is being developed for use in CRS patients who have an enlarged nasal cavity due to sinus surgery but continue to require treatment to manage CRS symptoms.
In January of 2020, the U.S. FDA cleared the company’s Investigational New Drug (IND) application for LYR-210. With this clearance Lyra is incorporating U.S. clinical sites into LANTERN, its ongoing global Phase 2 clinical trial of LYR-210, which was initiated in May 2019 at sites in New Zealand, Australia and Europe.
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 improvement, the company said.