Lyndra Therapeutics, a Watertown, Mass.-based clinical-stage biotechnology company pioneering a novel technology platform that transforms daily pills into once-weekly to monthly oral treatment options, closed a $60.5m Series C financing.
The round was led by new investor, AIG Investments, an affiliate of American International Group with participation from new investors Yipinhong Pharmaceutical (USA) Limited, Limitless Ventures and the Catalytic Impact Foundation with ImpactAssets, and existing investors Polaris Partners, Invus, Quark Venture, Mass General Brigham Ventures, HOPU Investments, and Gilead Sciences, Inc.
The company intends to use the funds to advance its lead product candidate into pivotal trials as they prepare for commercialization in the U.S., expand its central nervous system (CNS) pipeline assets and actively evaluate high value partnerships across a broad range of disease states.
Led by Dr. Patricia Hurter, Chief Executive Officer, and Amy Schulman, co-founder and former CEO currently serving as Executive Chair of the Board, Lyndra Therapeutics advances ultra-long-acting, extended-release oral capsule dosage form technology designed to reside in the stomach and to provide linear drug release of small molecules and peptides for a week or longer. Its lead drug candidate, LYN-005, has the potential to offer a more consistent pharmacokinetic profile with reduced dosing frequency.