Lyra Therapeutics soars after nasal drug meets trial goals in late-stage study
Shares of drug developer Lyra Therapeutics LYRA.O soar 555% to $31.80 premarket
Lyra's experimental drug LYR-210 in a late-stage trial reduced symptoms of a nasal disease known as Chronic Rhinosinusitis (CRS), including nasal congestion, discharge, and facial pain, in patients without nasal growths (polyps)
Chronic rhinosinusitis is a chronic inflammation of the nasal passages and sinuses
The drug met the main and secondary goals in the trial
LYR-210 is a bioabsorbable nasal implant that delivers six months of continuous dosage for patients with the condition
The company said it plans to pursue FDA approval of the drug for patients without nasal polyps and continue developing the drug for people with nasal polyps
As of last close, LYRA stock down 52.2% YTD
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