Lyra Therapeutics, Inc. (fka 480 Biomedical, Inc.), a Watertown, Mass.-based clinical-stage biotechnology company developing medicines precisely designed to target ear, nose and throat (ENT) diseases, raised $29.5m in Series B equity financing.
The round was led by Perceptive Advisors with participation from new investors RA Capital Management, ArrowMark Partners and Soleus Capital, as well as existing investors Polaris Venture Partners, North Bridge Venture Partners and Intersouth Partners. Concurrent with the financing, Michael Altman of Perceptive Advisors has joined Lyra’s board of directors.
The company intends to use the funds to advance its lead product candidate, LYR-210, into a Phase 2 clinical study for chronic rhinosinusitis, as well as applying its proprietary transmucosal platform for other ENT diseases.
Led by Maria Palasis, Ph.D., President and Chief Executive Officer, 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.