Bob Langer-found­ed Lyra Ther­a­peu­tics rais­es $56M in lat­est high-end biotech IPO

An­oth­er pan­dem­ic biotech IPO has sold at the high range.

Lyra Ther­a­peu­tics said to­day their pub­lic of­fer­ing, first filed in ear­ly March, raised $56 mil­lion, with 3.5 mil­lion shares sell­ing at $16. Al­though that was a price-per-share at the top of their $14 to $16 range, the of­fer­ing re­mains just a hair short of the ini­tial goal of a $57.5 mil­lion.

Found­ed around an im­plant de­vel­oped by MIT’s Bob Langer and Har­vard’s George White­sides, Lyra is test­ing their lead can­di­date, LY-210, in a Phase II tri­al for chron­ic rhi­nos­i­nusi­tis — a con­di­tion in which spaces in­side the nose and si­nus­es are con­tin­u­al­ly in­flamed, caus­ing breath­ing dif­fi­cul­ty and a per­pet­u­al­ly stuffy nose amid a long list of oth­er symp­toms. Orig­i­nal­ly de­vel­oped for pe­riph­er­al artery dis­ease, the com­pa­ny’s im­plant is used to de­liv­er the gener­ic an­ti-in­flam­ma­to­ry mometa­sone furoate di­rect­ly to the af­fect­ed mus­cles.

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