Brief: Lyra Therapeutics Announces Cost-Cutting Measures To Preserve Capital

Lyra Therapeutics

21/05/2024 14:29

May 21 (Reuters) - Lyra Therapeutics Inc  LYRA.O :
    * LYRA THERAPEUTICS ANNOUNCES COST-CUTTING MEASURES TO
PRESERVE
CAPITAL
    * LYRA THERAPEUTICS INC: IMPLEMENTING A LAYOFF OF
APPROXIMATELY
75% OF ITS WORKFORCE
    * LYRA THERAPEUTICS INC: IN NEAR TERM, LYRA THERAPEUTICS
WILL
FOCUS ON TWO ONGOING ENLIGHTEN PHASE 3 TRIALS EVALUATING LYR-210
    * LYRA THERAPEUTICS INC - LYRA HAS PAUSED EFFORTS FOR
LYR-220
    * LYRA THERAPEUTICS INC - IN PARALLEL, COMPANY PLANS TO
EVALUATE
POTENTIAL STRATEGIC OPTIONS TO MAXIMIZE SHAREHOLDER VALUE
    * LYRA THERAPEUTICS - STOPPED MANUFACTURING AND
COMMERCIALIZATION
EFFORTS AND SEEKS TO SUBLEASE ITS FACILITIES TO REDUCE OPERATING
COSTS
    * LYRA THERAPEUTICS INC: MEASURES ARE EXPECTED TO EXTEND
LYRA'S
CASH RUNWAY INTO 2026

Source text for Eikon:  ID:nGNX92ylh 
Further company coverage:  LYRA.O 

 ((Reuters.Briefs@thomsonreuters.com;))