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Lyra Therapeutics

Founded: 2011

Location: Watertown, MA

Employee range: 11 - 50

Funding: $50M stock May 2023; $100M stock Apr 2022; $64M IPO May 2020; $30M C Jan 2020; $29.5M B Sep 2018; $10.5M debt/equity, Jun 2015

Investors: Perceptive Advisors, Clifton Capital, RA Capital Management, Soleus Capital, ArrowMark Partners, Polaris Venture Partners, North Bridge Venture Partners, Intersouth Partners

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Short description:

Biomedical scaffold technology

Drug notes:

Long description:

Lyra Therapeutics is pioneering new therapeutics to treat ear, nose and throat (ENT) diseases. ENT diseases affect millions of people, yet conventional treatments cannot access tissues deep in the ENT passages. To develop more effective therapies, Lyra is using their XTREO platform to design sustained delivery modalities of medications for many months, targeting tissues in the ENT passages. The platform comprises biocompatible mesh scaffolds, engineered elastomeric matrices and versatile polymer-drug complexes to achieve this. Lyra’s lead candidate, LYR-210, is the first nasal implant designed to achieve benefits for up to 6 months from a single administration. Lyra received positive Phase 2 results for LYR-210 in chronic rhinosinusitis.