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Lyra Therapeutics Announces $100.5 Million Private Placement

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Lyra Therapeutics, Inc. (Nasdaq: LYRA) today announced that it has entered into a securities purchase agreement to sell securities in a private placement that is expected to result in gross proceeds of approximately $100.5 million, before deducting offering expenses

In the private placement, investors had the option to purchase either (a) shares of the Company’s common stock at a price of $4.22 per share, or (b) in lieu thereof, pre-funded warrants to purchase shares of the Company’s common stock, with an exercise price of $0.001 per share, at a purchase price of $4.219 per share (for aggregate consideration equating to $4.22 per share).  Accordingly, pursuant to the securities purchase agreement, (i) certain investors agreed to purchase an aggregate of 18,815,159 shares of common stock at the purchase price described in the foregoing sentence and (ii) certain investors agreed to purchase pre-funded warrants to purchase an aggregate of 5,000,000 shares of common stock, with the exercise price and at the purchase, in each case, described in the foregoing sentence.  Each pre-funded warrant will be exercisable immediately.

The closing of the offering is subject to certain conditions and is expected to occur on April 12, 2022.

The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws, and will be sold in a private placement pursuant to Regulation D of the Securities Act. The securities being issued in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the foregoing securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

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