Lyric Pharmaceuticals Inc. today announced the initial closing of a Series A financing round totaling $20.4 million. The financing, co-led by RiverVest Venture Partners, Sante Ventures and Third Point Ventures, includes participation by Aperture Venture Partners.
Lyric is a clinical-stage pharmaceutical company co-founded in 2013 by David Wurtman, M.D., M.B.A., President & Chief Executive Officer and M. Scott Harris, M.D., Chief Medical Officer. In 2014, Lyric closed a seed financing round of $825,000 led by RiverVest Venture Partners, with additional participation from several angel investors.
The company is developing therapeutics for gastrointestinal indications and in-licensed its initial development candidate in September 2014. The current financing will enable the company to perform two clinical studies, including a clinical proof of concept study, in addition to other supportive activities.
“We’re pleased to launch Lyric Pharmaceuticals with such a credible group of healthcare investors,” said Dr. Wurtman. “We anticipate that our drug development candidate will meaningfully contribute to the care of patients suffering from gastrointestinal disease and offer a much needed new therapeutic option.”
Source: Lyric Pharmaceuticals
Filed Under: Drug Discovery