Lyra Therapeutics wants a $58M IPO as biotechs aim to buck volatility

Lyra Therapeutics aims to list on the Nasdaq as "LYRA." (Nasdaq)

Ear, nose and throat (ENT) diseases biotech Lyra Therapeutics aims to drive through the coronavirus market volatility and gun for a $58 million IPO.

This comes just over a month after the Watertown, Massachusetts-based company got off a $30 million series C, which it will now hope to add that IPO cash haul to, according to a filing with the Securities and Exchange Commission (SEC).

This money will all go toward its ENT meds, which include LYR-210, a miniaturized, bioresorbable device that is implanted deep in the nasal passages where it delivers an anti-inflammatory steroid for up to six months.

It can be inserted at a routine visit, during which the doctor will numb the area and deliver the drug depot using a syringe-like instrument. While the depot is made of bioresorbable polymers, it would remain in the patient’s body longer than the six-month medication period. So, once the depot is empty, a doctor would remove it before inserting a new one.

The biotech, which aims to list on the Nasdaq as "LYRA," is also working on LYR-210 as an alternative to surgery in an ongoing phase 2 clinical trial for chronic rhinosinusitis (CRS) patients who have failed medical management.

Lyra's second treatment, LYR-220, is also being tested in CRS patients who have an enlarged nasal cavity due to sinus surgery but continue to require treatment to manage CRS symptoms. A trial here should be kick-started by end of next year.

Beyond CRS, the biotech says its so-called XTreo platform has “potential applications in other disease areas, which it is actively exploring to further broaden the platform’s therapeutic potential,” according to its SEC-1.

The drug within LYR-210 and LYR-220 is mometasone furoate, a steroid used in various FDA-approved drugs including for hay fever, asthma and skin conditions.