Cyrano Therapeutics said that the company will use proceeds from a $9 million Series B financing round to fund an ongoing Phase 2 trial of CYR-064 theophylline nasal spray for the treatment of loss of smell due to viral infection. Cyrano previously announced in December 2020 that it had raised $12.8 million in Series A financing for a Phase 2 trial of CYR-064.
In October 2023, the company announced that it had enrolled the first hyposmia patient in the Phase 2 FLAVOR trial. According to clinicaltrials.gov, the study, which is expected to enroll 150 patients, has an estimated completion date of January 30, 2025.
Cyrano President and CEO Rick Geoffrion commented, “This Series B financing enables us to advance what we believe to be a first-of-its-kind treatment for patients suffering from long-term smell loss due to a viral infection. Smell loss correlates to functional loss of taste, which can both diminish quality of life and present significant health and safety risks, thus underscoring the urgency in advancing this important therapeutic. We also plan to conduct exploratory research for patients with Parkinson’s disease, 95 percent of whom often experience loss of smell and flavor as the first symptom of the disease.”
Read the Cyrano Therapeutics press release.
