Lyra Therapeutics, a Phase 2 biotech developing an implantable drug matrix for chronic rhinosinusitis, announced terms for its IPO on Monday.
The Watertown, MA-based company plans to raise $53 million by offering 3.5 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Lyra Therapeutics would command a fully diluted market value of $193 million.
Lyra Therapeutics was founded in 2005 and plans to list on the Nasdaq under the symbol LYRA. BofA Securities, Jefferies and William Blair are the joint bookrunners on the deal. It is expected to price during the week of April 27, 2020.
