Lyndra Therapeutics Completes $60.5 Million Series C Financing
WATERTOWN, Mass.--(BUSINESS WIRE)--Lyndra Therapeutics, a clinical-stage biotechnology company pioneering a novel technology platform that transforms daily pills into once-weekly to monthly oral treatment options, today announced the closing of its $60.5 million Series C financing. The proceeds of the round, led by new investor, AIG Investments, an affiliate of American International Group, Inc. (‘AIG’), will advance Lyndra’s lead product candidate into pivotal trials as the Company prepares for commercialization in the U.S. In parallel, the Company is expanding its central nervous system (CNS) pipeline assets and actively evaluating high value partnerships across a broad range of disease states.
“Lyndra’s innovative platform will transform medicine globally in a number of significant diseases that can benefit from providing medications as a weekly or monthly dose instead of in a daily pill. Our trailblazing lead product candidate is a once-weekly oral risperidone treatment which has the potential to provide a meaningful benefit to the over two million people with schizophrenia, their caregivers and healthcare providers,” said Dr. Patricia Hurter, Chief Executive Officer of Lyndra Therapeutics. “We are grateful to be recognized by such a high caliber group of investors and for their support of our mission to reinvent medicine for a healthier world.”
Lyndra’s ultra-long-acting, extended-release oral capsule dosage form technology is the first of its kind, designed to reside in the stomach and provide linear drug release of small molecules and peptides for a week or longer. Lyndra presented encouraging proof of concept Phase 2 data for the weekly platform demonstrating that its lead drug candidate, LYN-005, has the potential to offer a more consistent pharmacokinetic profile with reduced dosing frequency. This breakthrough oral medication platform may improve the dosing and pharmacokinetics of medications and thereby improve patient adherence and outcomes. Poor medication adherence has been shown to result in up to $300 billion of avoidable annual healthcare costs and 125,000 deaths per year in the United States alone.
“Lyndra’s breakthrough technology is poised to address many global public health issues,” said Geoff Cornell, Chief Investment Officer of AIG. “We are excited to be a partner with Lyndra and this new round of funding will support the company’s growth and long-term value through the advancement of its highly impactful therapeutic initiatives.”
Lyndra has raised almost $250 million in funding, inclusive of this round. In addition to AIG, other new investors in this round include Yipinhong Pharmaceutical (USA) Limited, Limitless Ventures and the Catalytic Impact Foundation with ImpactAssets, with participation from existing investors including Polaris Partners, Invus, Quark Venture, Mass General Brigham Ventures, HOPU Investments, and Gilead Sciences, Inc.
“This financing is a testament to Lyndra’s quality and speed of progress in taking this innovative platform from lab science to a positive proof of concept result in just six years. Trish has built an exceptional team and the strength of this group of investors validates Lyndra’s achievements and demonstrates their confidence in Lyndra’s potential to transform the way medicine is delivered,” said Amy Schulman, Lyndra co-founder and former CEO currently serving as Executive Chair of the Board. “We are proud of what Lyndra has achieved since its inception and excited to see this mission-driven company ready to advance weekly risperidone into pivotal trials later this year, enabling a launch a few years later, moving us all one step closer to changing medicine forever.”
About Lyndra Therapeutics
Lyndra Therapeutics is pioneering the first-ever oral, ultra-long-acting, extended-release therapies, which have the potential to fundamentally change the way people take medicine by enabling patients to take a pill once a week rather than daily. The Company’s breakthrough Extended-Release Oral Capsule is designed to provide consistent drug levels for an entire week or as long as a month, from one, normal-sized capsule – something no oral therapy has ever achieved before. Lyndra’s robust pipeline is made up of therapies with established and well-known safety profiles across a number of disease areas in which non-adherence is known to be a significant driver of outcomes, including schizophrenia and other central nervous system diseases, diabetes, cardiovascular disease and opioid use disorder, among others. The Company is also committed to advancing its platform across new chemical entities and a variety of critical global and public health opportunities alongside partners such as the Bill & Melinda Gates Foundation and through funding from the NIH. For more information, visit the Company’s website at www.lyndra.com.