Lyric Pharmaceuticals Inc., a South San Francisco, CA-based clinical-stage pharmaceutical company, announced the initial closing of a Series A financing round totaling $20.4m.
The round was co-led by RiverVest Venture Partners, Sante Ventures and Third Point Ventures, with participation from Aperture Venture Partners.
The company intends to use the funds to perform two clinical studies, including a clinical proof of concept study, in addition to other supportive activities.
Co-founded in 2013 by David Wurtman, M.D., M.B.A., President & Chief Executive Officer and M. Scott Harris, M.D., Chief Medical Officer, Lyric is developing therapeutics for gastrointestinal indications. It in-licensed its initial development candidate in September 2014.
In 2014, the company had closed a seed financing round of $825k led by RiverVest Venture Partners, with additional participation from several angel investors.