Cyrano Therapeutics – a regenerative medicine company pioneering the development of treatments for smell loss – recently announced that it has secured a $9.0 million Series B financing to advance the development of CYR-064 as a potential first-ever treatment for post-viral smell loss (hyposmia). Co-lead investors participating in the financing include the Florida Opportunity Fund, managed by DeepWork Capital, and existing investors Lumira Ventures and Remiges Ventures.
Cyrano plans to use the proceeds from its Series B financing to advance FLAVOR, its Phase 2, double-blind, randomized clinical trial of CYR-064, an intranasal theophylline spray therapy to treat patients who have lost their sense of smell following recovery from a viral infection. And the FLAVOR Phase 2 trial will be conducted at up to 15 sites in the US and the Series B financing is to fund the trial through data readout.
The number of patients experiencing long-term smell and flavor loss increased 10-fold in the wake of the COVID-19 pandemic to more than 40 million patients in the US and Europe. And 30% of those suffering from smell loss will experience a hazardous event such as food poisoning or the inability to detect hazardous fumes. There is currently no FDA-approved drug therapy for treating smell loss from any cause.
KEY QUOTES:
“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.”
— Rick Geoffrion, President and CEO of Cyrano Therapeutics
“Cyrano Therapeutics represents an important investment for DeepWork and the Florida Opportunity Fund as we seek to identify and cultivate emerging biotechnology companies in Florida that combine executive and scientific expertise with therapeutic opportunities that offer the potential to address significant, unmet medical needs. We look forward to supporting the entire Cyrano team as the company advances CYR-064 through the FLAVOR Phase 2 trial.”
— Jackson Streeter, MD, Venture Partner at DeepWork Capital
