Cyrano Therapeutics Secures $9.0 Million Series B Financing to Advance Clinical Development of CYR-064 for Treatment of Post-Viral Smell Loss

Phase 2 FLAVOR clinical trial currently enrolling 150 patients to assess the safety and effectiveness of CYR-064 in treating patients with chronic smell loss following recovery from a viral infection (post-viral hyposmia)

No FDA-approved drug therapy available for this increasingly prevalent and serious chronic sensory condition

DELRAY BEACH, Fla., Jan. 16, 2024 /PRNewswire/ -- Cyrano Therapeutics, Inc., a regenerative medicine company pioneering the development of treatments for smell loss, announced today 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 intends 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. 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.

"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," said Rick Geoffrion, President and CEO of Cyrano Therapeutics, Inc. "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."

Jackson Streeter, MD, Venture Partner at DeepWork Capital, stated: "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."

The number of patients experiencing long-term smell and flavor loss has increased 10-fold in the wake of the COVID-19 pandemic to more than 40 million patients in the US and Europe. Thirty percent 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 to treat smell loss from any cause.

About Hyposmia
Hyposmia, including post-viral hyposmia, is an increasingly prevalent and serious chronic sensory condition for which there is no approved drug therapy and limited treatment options. Hyposmia causes significant impairment in quality of life for many sufferers. Moreover, in older individuals, hyposmia is associated with an increased risk of cognitive impairment and mortality. Prior to the COVID-19 pandemic, an estimated 8 million individuals in the US and Europe suffered from long-term post-viral hyposmia. The COVID-19 pandemic has resulted in dramatically increased prevalence, with an estimated 40 million individuals in the US and Europe currently suffering from long-term post-viral hyposmia.

About Cyrano Therapeutics
Cyrano Therapeutics is a private, venture-backed clinical stage regenerative medicine company. Since our foundation, we have been working diligently to develop therapies for people struggling with the loss of smell and taste. To learn more, please visit cyranotherapeutics.com.

About the FLAVOR Trial
The Phase 2 FLAVOR trial is a 150 subject randomized, double-blinded, placebo-controlled, multi-dose, multi-site clinical trial of CYR-064 for the treatment of post-viral hyposmia. For more information, please visit ClinicalTrials.gov

About DeepWork Capital
DeepWork Capital invests professionally managed committed venture capital in growth-oriented, early-stage companies in the technology and life science sectors. We partner with visionary entrepreneurs building disruptive companies. DeepWork works closely with other investment groups and takes a hands-on approach with its portfolio companies. For additional information, please see www.deepworkcapital.com

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SOURCE Cyrano Therapeutics