The heavenly sounds of success lifted Lyra Therapeutics Inc. this week as the company released results from the phase II trial of Lyr-220, a steroid-infused implant designed to provide long-term relief for patients with chronic rhinosinusitis (CRS).
Lyra Therapeutics Inc.’s $100.5 million private placement has investors moving to the tune of the ear, nose and throat specialty therapeutics company. Lyra’s stock (NASDAQ:LYRA) jumped from early April trading in the $4.20 range to $6.02 with the announcement April 8 of the pending placement. The stock shot up again on April 13 when the placement finalized and surged in after-hours trading, ultimately spiking over $7 shortly after the opening bell April 14.
Although, the appetite for biopharma IPOs in the U.S. slowed during the meltdown of the financial markets in March, the flow of new offerings has been steady this year, according to BioWorld, with 11 companies graduating to the public stage and listing on U.S. exchanges by the end of April, collectively raising $1.774 billion along the way. This amount is 9.5% higher than the $1.62 billion raised from 15 U.S. biopharma IPOs completed in the same period last year.