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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