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Lyra Therapeutics, Inc. reports corporate-status, clinical-program and capital-structure developments tied to its LYR-210 program for chronic rhinosinusitis. The company had developed LYR-210 as a bioabsorbable sinonasal implant intended to deliver continuous anti-inflammatory therapy with mometasone furoate, including through the ENLIGHTEN Phase 3 program.
Recent company updates center on the suspension of further LYR-210 development, cost-saving actions, workforce reductions, strategic-alternatives activity, and capital-preservation measures. Earlier updates also covered CRS clinical data, regulatory planning, manufacturing activity, financing, and quarterly operating results.
Lyra Therapeutics (Nasdaq: LYRA) announced significant updates regarding its lead product candidate, LYR-210, in a recent corporate update for 2021. The LANTERN Phase 2 study demonstrated positive topline results, showcasing significant improvement in chronic rhinosinusitis (CRS) symptoms. Lyra plans to discuss these findings with the FDA and intends to initiate a pivotal Phase 3 trial by late 2021. Cash and equivalents stood at $74.6 million as of December 31, 2020, sufficient to fund operations into 2023, exceeding prior guidance.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) will participate in a fireside chat at the Jefferies Virtual London Healthcare Conference on November 19, 2020, at 12:00 p.m. ET, featuring CEO Maria Palasis. The event can be accessed live through the company’s website. Lyra focuses on innovative therapies for ENT diseases, with lead product LYR-210 aimed at treating chronic rhinosinusitis. The company emphasizes the potential of its XTreo™ platform for sustained local drug delivery. A replay of the webcast will be available for 30 days post-event.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) reported Q3 2020 financial results, highlighting a cash position of $81.6 million, down from $86.6 million in Q2. R&D expenses rose to $3.7 million, while total operating expenses reached $6.4 million. The net loss for Q3 was $6.3 million, compared to $4.2 million in 2019. The company remains on track to announce topline Phase 2 results for LYR-210 in December, with positive clinical data suggesting significant anti-inflammatory effects for chronic rhinosinusitis. Dr. Nancy Snyderman has joined the board, enhancing strategic oversight.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) announced the appointment of Dr. Nancy L. Snyderman to its Board of Directors. Dr. Snyderman, an experienced otolaryngologist and healthcare expert, is expected to enhance Lyra's leadership as it approaches the topline results of the Phase 2 LANTERN study for its investigational drug LYR-210, aimed at treating chronic rhinosinusitis. Concurrently, Bob Langer and George Whitesides will transition from the Board to the Scientific Advisory Board. Lyra's ongoing focus is on developing novel drug delivery solutions for ENT diseases, particularly chronic rhinosinusitis.
Lyra Therapeutics (Nasdaq: LYRA) presented positive data on LYR-210 at the 66th Annual Meeting of the American Rhinologic Society. The data indicates a significant reduction in sinonasal Type 2 inflammation in patients with chronic rhinosinusitis (CRS) during a Phase 1 study. Notably, LYR-210 showed promising results in alleviating CRS symptoms and reducing local tissue inflammation. The company anticipates top-line results from its ongoing Phase 2 LANTERN study by the end of this year. These advancements demonstrate LYR-210’s potential as a novel treatment option for CRS, affecting millions of patients.
Lyra Therapeutics (Nasdaq: LYRA) announced its participation in the 66th Annual Meeting of the American Rhinologic Society, held virtually on September 10 and 12, 2020. The company will showcase three e-posters highlighting its lead product candidate, LYR-210, for chronic rhinosinusitis (CRS). These presentations will cover the product's efficacy in reducing sinonasal inflammation and symptoms. LYR-210 is a bioresorbable implant designed for up to six months of continuous drug delivery, aiming to provide a non-invasive treatment alternative for CRS patients.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) announced that CEO Maria Palasis, Ph.D., will present at the BTIG Virtual Biotechnology Conference on August 11, 2020, at 12:30 p.m. ET. The company focuses on developing integrated drug and delivery solutions for ear, nose, and throat diseases using its innovative XTreo™ platform. Initial product candidates, LYR-210 and LYR-220, aim to treat chronic rhinosinusitis (CRS) via a minimally invasive procedure. Approximately 14 million people in the U.S. are affected by CRS, and Lyra is advancing LYR-210 through a Phase 2 clinical trial.
Lyra Therapeutics, Inc. (Nasdaq: LYRA), a clinical-stage therapeutics company, will have its President and CEO, Maria Palasis, participate in a fireside chat at the William Blair Biotech Focus Conference on August 6, 2020, at 10:00 a.m. ET. The conference will be accessible via a live audio webcast on Lyra's Investor Relations page. Lyra specializes in developing innovative drug delivery solutions for ear, nose, and throat diseases, notably chronic rhinosinusitis, with products LYR-210 and LYR-220 aimed at providing sustained therapy.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) reported its Q1 2020 financial results and corporate updates, marking significant achievements. The company closed its IPO, raising approximately $64 million from the sale of 4,025,000 shares at $16.00 each, with trading starting on May 1, 2020. Additionally, it completed a Series C financing, securing $30 million to advance its clinical programs. Despite FDA clearance for LYR-210's Phase 2 trial, enrollment was halted due to COVID-19, shifting to remote assessments. As of March 31, 2020, cash reserves were $35.2 million, with a net loss of $4.2 million for the quarter.