Facing empty reserves by year's end, Lyra is raising nearly double its 2020 IPO as it enters PhIII
Just weeks ago, Lyra Therapeutics thought it had enough cash to stay afloat only sometime into the final quarter of this year, but a $100 million private placement on tap for an April 12 closing should change that.
The capital infusion comes amid a rocky few quarters for the public biotech sector. The private placement is nearly double the Watertown, MA, biotech’s $56 million IPO in May 2020 and more than double the $45.7 million it had on hand at the end of last year. Lyra follows a trio of public biotechs hauling in new funds last month: Ascendis Pharma, argenx and Apellis Pharmaceuticals.
Unlock this article instantly by becoming a free subscriber.
You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.
