Lyra Therapeutics Suspends LYR-210 Development and Reduces Workforce
Lyra Therapeutics, announced that its Board of Directors has decided to suspend further development of LYR-210, the Company's lead product candidate for the treatment of chronic rhinosinusitis. The Company also announced a workforce reduction impacting its remaining 28 employees and other cost-saving actions to preserve capital. Maria Palasis, Ph.D., Chief Executive Officer, President and Chair of the Board, and Jason Cavalier, Chief Financial Officer and Treasurer, are each being retained as consultants to support the Company's pursuit of strategic alternatives. The Company has engaged SSG Capital Advisors to assist with this effort. "In connection with the Company's review of strategic options, which was announced in May 2024, the Board has concluded that it is in the best interests of shareholders to cease Lyra's product development operations," said Dr. Palasis. "We are grateful for the contributions of our employees most of whom will leave Lyra as a result of this decision to discontinue development of LYR-210. Our priority moving forward is to evaluate and explore strategic alternatives to advance LYR-210 for the potential benefit of patients."
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