US-based  Lyra Therapeutics has raised $30m in the recently completed Series C financing round led by Perceptive Advisors.

Based in Boston, the clinical-stage therapeutics firm develops integrated drug and delivery solutions for localised treatment of patients with ear, nose and throat (ENT) diseases.

Existing investors Soleus Capital, RA Capital Management, Polaris Venture Partners, ArrowMark Partners, North Bridge Venture Partners and Intersouth Partners took part in the round along with new investors such as Clifton Capital.

Lyra will use the funds to advance LYR-210 and LYR-220 product candidates

Lyra will use the proceeds to advance company’s lead product candidates, LYR-210 and LYR-220 to treat chronic rhinosinusitis (CRS).

CRS, an inflammatory disease of the paranasal sinuses, is estimated  to affect approximately 14 million people in the US.

LYR-210 and LYR-220 are intended to deliver nearly six months of continuous drug therapy to the sinonasal passages or the treatment of CRS. LYR-210 is designed for surgically-naïve patients, while LYR-220 for operated patients.

According to the company, LYR-210 and LYR-220 are bioresorbable polymeric matrices developed to be administered in a brief, non-invasive, in-office procedure.

Lyra is planning to further progress LYR-210 as a possible preferred alternative to surgery in an ongoing Phase 2 clinical trial for CRS patients who have failed medical management.

On the other hand, the US-based company is developing LYR-220 for use in CRS patients who have an enlarged nasal cavity due to sinus surgery but still need treatment to manage CRS symptoms.

Lyra president and CEO Maria Palasis said: “I am delighted to have some of the world’s most prominent life sciences investors participate in our Series C financing, led by Perceptive Advisors. This financing reflects our progress with our global clinical program to advance a new treatment paradigm for chronic rhinosinusitis.

“Strengthened by this fundraising, I believe Lyra is well-positioned to further the progress of LYR-210 and LYR-220, two exciting product candidates that we are developing to make meaningful contributions to the treatment of chronic rhinosinusitis, an underserved and debilitating condition that affects approximately 14 million patients in the United States alone.”

Apart from CRS, Lyra’s proprietary technology platform, XTreo, is developed to accurately and constantly deliver medicines directly to the affected tissue for sustained periods with a single administration.