Lyra Therapeutics has raised $30 million in a Series C financing round to advance its lead product candidates for the treatment of chronic rhinosinusitis (CRS).
Known as an inflammatory disease of the paranasal sinuses, chronic rhinosinusitis is said to affect around 14 million people in the US.
The lead product candidates of the US-based clinical-stage biotech company are LYR-210 and LYR-220. Headquartered in Watertown, Massachusetts, Lyra Therapeutics is engaged in the development and commercialization of integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat diseases (ENT diseases).
The Series C funding round in the therapeutics company was led by Perceptive Advisors, a privately-owned hedge fund sponsor. The funding round had new investors like Clifton Capital taking part.
Lyra Therapeutics’ existing partners – Soleus Capital, RA Capital Management, Polaris Venture Partners, North Bridge Venture Partners, Arrowmark Partners, and Intersouth Partners took part in the Series C funding round as well.
The biotech company will also utilize the funds for general corporate purposes.
Maria Palasis – Lyra Therapeutics President and CEO said: “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.
“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.”
LYR-210 and LYR-220 have been designed to be given as continuous drug therapy to the sinonasal passages for nearly six months as potential chronic rhinosinusitis treatment.
According to Lyra Therapeutics, LYR-210 is intended to be used for surgically-naïve patients, while LYR-220 is planned for operated patients. Both the chronic rhinosinusitis drug candidates are bioresorbable polymeric matrices that are designed to be given in a brief, non-invasive, in-office procedure.
Lyra Therapeutics is aiming to develop LYR-210 to make it a possible preferred alternative to surgery, which has been advanced into an ongoing phase 2 clinical trial for chronic rhinosinusitis patients with failed medical management.
The other chronic rhinosinusitis drug candidate, LYR-220, is being developed for use in patients with an enlarged nasal cavity caused by sinus surgery and who still require treatment for managing symptoms of their disease.