Lyra Therapeutics (LYRA) began trading on the Nasdaq on Mon 4 May 2020

Lyra Therapeutics (LYRA) has priced its IPO of 3.5M common shares at $16/share, yielding gross proceeds of $56M.

Underwriters' over-allotment is an additional 525,000 shares.

https://lyratherapeutics.com/

The company is advancing two drug candidates for the treatment of chronic rhinosinusitis.

LYRA has produced very promising trial results and the IPO appears reasonably valued, so for life science investors with a 12 - 18-month hold time frame, the IPO looks quite interesting.

Company & Technology

Watertown, Massachusetts-based Lyra was founded to develop drug treatments for two types of patients with chronic rhinosinusitis, those who are 'surgically-naive' and those who have been previously operated on for the condition.

Management is headed by Maria Palasis, Ph.D., who has been with the firm since 2011 and was previously EVP at Arsenal Medical.

A brief overview video of chronic rhinosinusitis: