Clinical stage biopharma company Lyndra Therapeutics has announced the closing of a $101 million (£79,400,000) Series E financing round.
The proceeds of the round, led by Sarissa Capital, will support the development of Lyndra’s pipeline, including oral weekly risperidone (LYN-005), which is near completion of a phase 3 study.
Lyndra’s investigational therapies are enabled by the company’s LYNX drug delivery platform, which creates long-acting oral medicines that can be taken once weekly.
Jessica Ballinger, Lyndra Therapeutics’ President and CEO, said: “We appreciate the support our investors are providing as we complete our risperidone phase 3 trials and continue the development of our pipeline of oral weekly therapies through this round of financing.
“This investment validates the LYNX platform and moves us forward in our plans to bring our lead product candidate, oral weekly risperidone, through the regulatory pathway and to patients.”
As part of the financing, Sun Pharma will receive an exclusive license to manufacture and market oral weekly risperidone (LYN-005), oral weekly dapagliflozin (LYN-045) and oral weekly aripiprazole (LYN-006) in six countries, including India and Brazil, pending further clinical development of these investigational candidates.
“This is an important step toward helping people adhere to their medication regimens and enabling them to better achieve their treatment goals.”
Prior to the development of the LYNX technology, oral pills had been limited to ‘extended release’ formulations, which do not last for more than a day.
Lyndra’s LYNX drug delivery platform is enabled by more than 50 patented innovations in design, engineering and materials science to achieve dramatically-reduced dosing frequency.
The platform originated from the Bob Langer and Gio Traverso Laboratories at Massachusetts Institute of Technology (MIT), with which Lyndra has an exclusive technology license.
The round follows a $20.3 million (£1.8 million) Series D financing led by Polaris Partners that was completed in June 2023.
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