Welcome to our dedicated page for Lyra Therapeutics news (Ticker: LYRA), a resource for investors and traders seeking the latest updates and insights on Lyra Therapeutics stock.
Lyra Therapeutics, Inc. (Nasdaq: LYRA) is a clinical-stage therapeutics company focused on advancing and commercializing innovative drug and delivery solutions specifically designed for ear, nose, and throat diseases. Founded in 2005 and headquartered in Watertown, Massachusetts, Lyra Therapeutics leverages its proprietary XTreo™ technology platform to deliver sustained medication directly to the targeted tissue via a single administration.
The company's primary product candidates, LYR-210 and LYR-220, are bioresorbable polymeric matrices targeting the treatment of chronic rhinosinusitis (CRS). These candidates are formulated to provide up to six months of continuous drug therapy through a non-invasive, in-office procedure. LYR-210 is intended for patients who have not undergone sinus surgery, while LYR-220 is designed for those who have had prior ethmoid sinus surgery.
Recent advancements include the BEACON Phase 2 clinical trial of LYR-220, which demonstrated significant improvement in CRS patients post-surgery, and the ongoing ENLIGHTEN Phase 3 clinical trials of LYR-210, targeting patients who have not had surgery. Lyra's financial condition remains robust, with cash and short-term investments totaling $102.6 million as of September 30, 2023, expected to support operations into the first quarter of 2025.
Lyra Therapeutics continues to innovate within the CRS treatment landscape, aiming to address the unmet medical needs of the estimated four million CRS patients in the United States who fail to respond to existing treatments annually. The company remains committed to advancing its product portfolio and achieving regulatory milestones to bring these therapies to market.
Lyra Therapeutics (Nasdaq: LYRA) has initiated the Phase 3 ENLIGHTEN I clinical trial for its investigational product LYR-210, targeting adult patients with chronic rhinosinusitis (CRS) who have not responded to standard treatments. The trial will enroll 180 patients, comparing LYR-210's efficacy against a control group, with a primary endpoint focused on symptom relief over 24 weeks. Following treatment, control participants will be offered LYR-210 in a crossover extension. LYR-210 aims to provide a non-invasive alternative to surgery, potentially benefiting millions of CRS patients.
Lyra Therapeutics has appointed Harlan W. Waksal as Executive Chairman, effective immediately. Dr. Waksal brings over 30 years of experience in scientific and clinical development, previously serving as President and CEO of Kadmon Holdings before its acquisition by Sanofi in November 2021. His leadership is expected to enhance Lyra's advancement of pipeline candidates LYR-210 and LYR-220 for chronic rhinosinusitis (CRS). The company granted him an equity-based award of 520,000 stock options as part of his employment package.
On January 24, 2022, Lyra Therapeutics (Nasdaq: LYRA) announced the initiation of the Phase 3 ENLIGHTEN I clinical trial for LYR-210, targeting chronic rhinosinusitis (CRS) patients who have not undergone previous surgery. This non-invasive treatment aims to provide six months of continuous anti-inflammatory relief. Following positive Phase 2 results, this trial will enroll about 180 patients, with primary endpoints focusing on symptom improvement over 24 weeks. Additionally, the BEACON Phase 2 trial for LYR-220 has commenced, targeting post-surgical CRS patients.
On November 11, 2021, Lyra Therapeutics (Nasdaq: LYRA) announced that CEO Maria Palasis, Ph.D., will present at three upcoming virtual investor conferences. These include the Jefferies London Healthcare Conference (available on-demand from November 18, 2021), the Canaccord Genuity Virtual MedTech Forum (on November 18, 2021), and the Evercore ISI HealthCONx Virtual Conference (on December 1, 2021). Webcasts will be accessible on the company's website for 30 days post-event. Lyra focuses on delivering localized treatments via its XTreo™ platform, targeting chronic rhinosinusitis and other ENT conditions.
Lyra Therapeutics (LYRA) reported its Q3 financial results for 2021, revealing a net loss of $11.1 million, up from $6.3 million the previous year. Cash reserves decreased to $58.1 million, projected to fund operations through 2022. The company is set to initiate the LYR-220 Phase 2 BEACON study this month and the LYR-210 Phase 3 ENLIGHTEN study by year-end. Recent positive data from the LYR-210 Phase 2 LANTERN study showed durable responses in half of treated chronic rhinosinusitis patients, supporting its potential as a new standard of care.
Lyra Therapeutics (Nasdaq: LYRA) will report its third quarter 2021 financial results on November 9, 2021, after market close. The company is known for its XTreo™ platform, aimed at delivering localized therapies in ENT treatments. Following the results, a conference call and live webcast will take place at 4:30 p.m. ET. Lyra’s lead product candidate, LYR-210, is entering Phase 3 trials for chronic rhinosinusitis, while LYR-220 moves to Phase 2 development. Investors are encouraged to tune in for insights into Lyra's future prospects.
Lyra Therapeutics (NASDAQ: LYRA) announced positive results from its Phase 2 LANTERN study for LYR-210, the first drug-eluting candidate to show significant symptom improvement in chronic rhinosinusitis (CRS) patients. The study demonstrated that LYR-210 provided safe and durable symptom relief for six months with a single administration. Results published in the International Forum of Allergy & Rhinology noted a greater than 2-fold improvement over controls. The company plans to initiate its Phase 3 ENLIGHTEN program by year-end 2021, aiming to revolutionize CRS treatment.
Lyra Therapeutics (Nasdaq: LYRA) announced that its LYR-210 pharmacokinetic study has been recognized as a top clinical abstract for the upcoming 67th American Rhinologic Society meeting. Four abstracts featuring LYR-210 and the XTreo™ platform will be presented at two major conferences from September 26 to October 2, 2021. LYR-210 is entering Phase 3 clinical trials for chronic rhinosinusitis, presenting a non-invasive alternative to surgery. The company aims for continuous drug delivery over six months, enhancing treatment options for patients.
Lyra Therapeutics announced the appointment of Jason Cavalier as the new Chief Financial Officer, effective immediately. Cavalier, a seasoned investment banker with over two decades of experience, succeeds Don Elsey, who is retiring. Cavalier will lead the company’s financial strategies and support the advancement of lead programs LYR-210 and LYR-220 into late-stage clinical development. Under his leadership, the company aims to capitalize on the multi-billion-dollar chronic rhinosinusitis market.
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