MedTech Company Lyra Therapeutics Gains $29.5 Million in Series B

Lyra Therapeutics, Inc., a clinical-stage biotechnology company developing medicines designed to target ear, nose, and throat (ENT) diseases, announced a $29.5 million Series B equity financing round led by Perceptive Advisors. New investors RA Capital Management, ArrowMark Partners, and Soleus Capital, as well as existing investors Polaris Venture Partners, North Bridge Venture Partners, and Intersouth Partners, also participated.

The financing will be used to advance the company’s lead product candidate LYR-210 into a Phase 2 clinical study for chronic rhinosinusitis, an inflammation of the paranasal sinus tissues affecting 27 million people, or 11% of the U.S. adult population, according to the U.S. Centers for Disease Control. The company will also apply its proprietary transmucosal platform for other ENT diseases.