Updates
** Shares of drug developer Lyra Therapeutics LYRA.O soar 648.5% to a more than year high of $36.90
** Stock set for its best day on record, if gains hold
** As of last close, co had market cap of $6.53 mln, on track to add about $42.4 mln to market cap, if gains hold
** Lyra's experimental drug LYR-210 met the main and secondary goals of a late-stage trial; reduced symptoms of Chronic Rhinosinusitis $(CRS)$, including nasal congestion, discharge, and facial pain, in patients without nasal growths (polyps)
** Chronic rhinosinusitis is a chronic inflammation of the nasal passages and sinuses
** LYR-210 is a bioabsorbable nasal implant that delivers six months of continuous dosage for patients with the condition
** Co plans to pursue FDA approval of the drug for patients without nasal polyps and continue developing the drug for people with nasal polyps
** The company had $31.7 million in cash and cash equivalents as of March 31
** As of last close, LYRA stock down 52.2% YTD
(Reporting by Padmanabhan Ananthan and Kamal Choudhury)
((Padmanabhan.Ananthan@thomsonreuters.com))
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