Cyrano Therapeutics announced that it has raised $12.8 million in Series A financing to allow it to complete a Phase 2 trial of its CYR-064 intranasal theophylline for the restoration of the senses of smell and taste. In October 2017, Cyrano announced that it had partnered with Shanghai Newsummit Biopharma for development of the nasal spray in China; the new funding is for US and European development.
The company notes that COVID-19 has resulted in a major increase in the number of people suffering from anosmia, hyposmia, or parosmia, with more than 50% of COVID-19 patients having a severely impaired or completely lost sense of smell. The Phase 2 trial is expected to enroll COVID-19 patients as well as patients who have lost their sense of smell due to other viruses.
Cyrano Therapeutics CDO Rick Geoffrion commented, “When losing all sense of smell and flavor, you realize the magnitude of the issue and how much these senses are intertwined with general social interaction, appetite, libido and memory. These are the building blocks of everyday life and integral to one’s physical and mental quality of life. Importantly, our sense of smell also alerts us to threats including gas leaks, smoke and spoiled food. . . . we are on a mission to take this therapy through rigorous trials and provide full access for the millions who need it.”
Read the Cyrano Therapeutics press release.
