Lyra Therapeutics rises on $50 mln private placement

Lyra Therapeutics

26/05/2023 13:33

** Shares of drug developer Lyra Therapeutics Inc  LYRA.O 
rise 10.7% to $2.69 premarket 
    ** Co says entered into a securities purchase agreement that
is expected to result in gross proceeds of about $50 mln
    ** Under terms of agreement co to issue and sell about 17.7
mln shares and pre-funded warrants to purchase about 2.4 mln
shares of co
    ** Agreement also includes accompanying common stock
purchase warrants to purchase about 10 mln shares of co
    ** Says combined effective purchase price per share and
accompanying purchase warrant to purchase one-half of one share
is $2.49
    ** Says closing of private placement expected to occur on or
about May 31
    ** LYRA down about 22.6% YTD

 (Reporting by Vaibhav Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))