Lyra's Mid-Stage Chronic Rhinosinusitis Candidate Study Progressed, Shares Fall

Lyra Therapeutics LYRA advanced into its Part 2 of the Phase 2 BEACON clinical trial of LYR-220 in adults with chronic rhinosinusitis (CRS) who have had a prior sinus surgery.

The Phase 2 BEACON trial is a parallel-group study to evaluate safety, tolerability, and pharmacokinetics of LYR-220, over a 24-week period, in symptomatic adult CRS patients who have had a prior bilateral sinus surgery.

The Part 1 of the BEACON trial was uncontrolled and designed primarily to assess the feasibility and tolerability of two matrix designs. In the Part 2 stage, one design of LYR-220 will be compared to control in approximately 40 patients.

The first patient was dosed in Part 2, a controlled portion of the BEACON trial, evaluating the safety and efficacy of LYR-220. Lyra expects completing enrollment for the full Phase 2 BEACON trial around year-end.

Maria Palasis, President and Chief Executive Officer, stated, "We are excited to move forward to the randomized, Part 2 stage of the BEACON trial with LYR-220, adding to our continued progress with the Phase 3 ENLIGHTEN program for LYR-210 in surgically naïve CRS patients. We believe that Lyra is well positioned to potentially be the first to offer solutions for the full spectrum of CRS patients treated by ENT physicians, and we look forward to continued progress on our path to treating patients."

LYR-220 has been specifically designed to deliver six months of continuous anti-inflammatory medication in a controlled and consistent fashion to the sinonasal passages for the millions of CRS patients that continue to require treatment despite prior surgical treatment.

Chronic Rhinosinusitis (CRS) is a highly prevalent inflammatory disease of the paranasal sinuses which leads to debilitating symptoms and significant morbidities and is the fifth most common condition in people under 65.

Price Action : Lyra shares trading around 5 percent down at $5.85 on Tuesday at the time of publication.