Lyra Therapeutics plunges as rhinosinusitis therapy fails in late-stage study
06/05/2024 13:58
** Shares of drug developer Lyra Therapeutics LYRA.O
plummet 91.8% to 32 cents premarket
** Co says its lead experimental therapy, LYR-210, did not
meet the main goal of a late-stage trial testing it for the
treatment of chronic rhinosinusitis, a long-lasting sinus
inflammation
** Co says the therapy was not statistically significant in
improving symptoms such as nasal obstruction, nasal discharge
and facial pain at 24 weeks
** LYRA says it plans to evaluate the full dataset to
determine a path forward
** Up to last close, stock down 23% YTD
(Reporting by Sneha S K in Bengaluru)
((Sneha.SK@thomsonreuters.com;))