Lyra Therapeutics Announces $50.0 Million Private Placement
26 May 2023 - 9:57PM
Lyra Therapeutics, Inc. (Nasdaq: LYRA) (“Lyra” or the “Company”), a
clinical-stage biotechnology company developing innovative
therapies for the localized treatment of chronic rhinosinusitis,
today announced that it has entered into a securities purchase
agreement to sell securities in a private placement that is
expected to result in gross proceeds of approximately $50.0
million, before deducting offering expenses.
The closing of the private placement is subject
to customary closing conditions and is expected to occur on or
about May 31, 2023.
Under the terms of the securities purchase
agreement, Lyra has agreed to issue and sell (i) approximately 17.7
million shares of the Company's common stock and pre-funded
warrants to purchase approximately 2.4 million shares of the
Company's common stock, with an exercise price of $0.001 per share,
and (ii) accompanying common stock purchase warrants to purchase
approximately 10.0 million shares of common stock, with an exercise
price of $2.673 per share. The combined effective purchase
price per share (or pre-funded warrant to purchase one share) and
accompanying purchase warrant to purchase one-half of one share is
$2.4925 (less the exercise price of the pre-funded warrant, if
applicable). Each pre-funded warrant will be exercisable
immediately and will expire on May 31, 2028. Each common stock
purchase warrant will be exercisable at any time on or after
November 30, 2023 and will expire on November 30, 2028.
Cantor Fitzgerald & Co. and William Blair
& Company, L.L.C. acted as joint lead placement agents for the
financing. H.C. Wainwright & Co. acted as co-placement agent
for the financing.
The offer and sale of the foregoing securities
are being made in a transaction not involving a public offering and
the securities have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or applicable state
securities laws, and will be sold in a private placement pursuant
to Regulation D of the Securities Act. The securities being issued
in the private placement may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy the foregoing
securities, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Lyra
TherapeuticsLyra Therapeutics, Inc. is a clinical-stage
biotechnology company developing therapies for the localized
treatment of patients with chronic rhinosinusitis (CRS). Lyra has
two investigational product candidates, LYR-210 and LYR-220, in
late-stage development for CRS, a highly prevalent inflammatory
disease of the paranasal sinuses which leads to debilitating
symptoms and significant morbidities. LYR-210 and LYR-220 are
bioresorbable nasal implants designed to be administered in a
brief, in-office procedure and are intended to deliver six months
of continuous mometasone furoate drug therapy (7500µg MF) to the
sinonasal passages. LYR-210 is designed for surgically naïve
patients and is being evaluated in the ENLIGHTEN Phase 3 clinical
program, while LYR-220, an enlarged implant, is being evaluated in
the BEACON Phase 2 clinical trial in patients who have recurrent
symptoms despite having had prior ethmoid sinus surgery. These two
product candidates are designed to treat the estimated four million
CRS patients in the United States who fail medical management each
year.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including statements regarding the closing of the
private placement. These statements are neither promises nor
guarantees, but involve known and unknown risks, uncertainties and
other important factors that may cause the Company's actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. These and other
important factors discussed under the caption "Risk Factors" in the
Company's Quarterly Report on Form 10-Q filed with the SEC on May
12, 2023 and its other filings with the SEC could cause actual
results to differ materially from those indicated by the
forward-looking statements made in this press release. Any such
forward-looking statements represent management's estimates as of
the date of this press release. While the Company may elect to
update such forward-looking statements at some point in the future,
it disclaims any obligation to do so, even if subsequent events
cause its views to change.
Contact Information:Ellen
Cavaleri, Investor Relations 615.618.6228 ecavaleri@lyratx.com
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