** Shares of Lyra Therapeutics LYRA.O fall 30.5% to $9.30 in morning trading
** Stock set for worst day in over one year, if losses hold
** Drug developer enters agreement for sale of 423,372 shares in direct stock offering for net proceeds of $5 million
** Offer price of $11.81 represents 11.7% discount to stock's last close
** Co intends to use net proceeds from offering for working capital and other general corporate purposes, including potential clinical development, manufacturing and other pre-commercialization expenses for lead chronic rhinosinusitis therapy candidate LYR-210
** Concurrently, in private placement, co offers warrants to purchase up to 846,744 shares, with exercise price of $11.56 per share
** If holders of private placement warrants exercise them in full in cash, LYRA would receive additional gross proceeds of about $9.8 million
** H.C. Wainwright & Co. is acting as placement agent for offering
** Including session's move, stock down 11.3% YTD
(Reporting by Puyaan Singh and Arasu Kannagi Basil)
((Puyaan.Singh@thomsonreuters.com;))
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