Lyra Therapeutics Announces $50.0 Million Private Placement
Summary
WATERTOWN, Mass., May 26, 2023 (GLOBE NEWSWIRE) -- Lyra Therapeutics, Inc. (Nasdaq: LYRA) (Lyra or the Company), a clinical-stage biotechnology company developing innovative therapies for the localized treatment of chronic rhinosinusitis, today announced that it has entered into a securities purchase agreement to sell securities in a private placement that is expected to result in gross proceeds of approximately $50.0 million, before deducting offering expenses.The closing of the private placement is subject to customary closing conditions and is expected to occur on or about May 31, 2023.Under the terms of the securities purchase agreement, Lyra has agreed to issue and sell (i) approximately 17.7 million shares of the Companys common stock and pre-funded warrants to purchase approximately 2.4 million shares of the Companys common stock, with an exercise price of $0.001 per share, and (ii) accompanying common stock purchase warrants to purchase approximately 10.0 million shares of common stock, with an exercise price of $2.673 per share. Lyra has two investigational product candidates, LYR-210 and LYR-220, in late-stage development for CRS, a highly prevalent inflammatory disease of the paranasal sinuses which leads to debilitating symptoms and significant morbidities. LYR-210 and LYR-220 are bioresorbable nasal implants designed to be administered in a brief, in-office procedure and are intended to deliver six months of continuous mometasone furoate drug therapy (7500\xb5g MF) to the sinonasal passages. These two product candidates are designed to treat the estimated four million CRS patients in the United States who fail medical management each year.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While the Company may elect to update such forward-looking statements at some point in the future, it disclaims any obligation to do so, even if subsequent events cause its views to change.