Lyra Therapeutics Stock Surges On Equity Raise Of $100M

Lyra Therapeutics Inc LYRA has announced a private placement of approximately $100.5 million.
The Company has offered 18.8 million common shares at $4.22 per share and pre-funded warrants to purchase an aggregate of 5 million shares with an exercise price of $0.001 per share, at $4.219 per share.
Each pre-funded warrant will be exercisable immediately.
Related: Lyra Therapeutics Kickstarts LYR-210 Pivotal Program in Surgically Naïve Chronic Rhinosinusitis Patients.
The offering will close by April 12.
LYR-210 and LYR-220 are designed to be administered in non-invasive, in-office procedures and deliver up to six months of continuous anti-inflammatory medication to the sinonasal passages of CRS patients.
As of December 31, 2021, cash & cash equivalents were $45.7 million.
Price Action: LYRA shares are up 26.2% at $5.45 during the market session on the last check Friday.