US-based Lyndra Therapeutics ceases operations due to “insufficient funding”, says Sun Pharma

The Massachusetts-based Lyndra Therapeutics Inc “is ceasing operations from March 26th, due to insufficient funding to continue their business activities,” said Sun Pharmaceutical Industries, who is invested in the US company.

In December 2023, Sun Pharma had invested in Lyndra Therapeutics Inc – agreeing to acquire about 16.7 percent in Lyndra Therapeutics, engaged in developing novel delivery technology for long-acting oral (LAO) therapies, for $30 million (₹249 crore).

No more details were available on the existing tie-up, in the light of Lyndra’s announcement.

The acquisition was meant to be a strategic investment to support the development of innovative pharmaceutical delivery technologies and get access to the technology for certain molecules and territories, Sun had then said.

In July 2023, Lyndra had said its trademarked Lyndra’s LYNX drug delivery platform was a significant advance in oral drug delivery in decades, creating medicines that last for a week or longer in an oral dosage form. Based on technology invented in the Langer Lab at MIT, the LYNX platform has progressed rapidly since 2015 through preclinical and early human studies and achieved proof of concept of the platform and lead asset in a Phase 2 study, it had said.

Lyndra was incorporated on January 14, 2015 and its revenues over the last three years, (January-December), have been reducing from $25.6 million (2020) to $13.1 million (2021) to $10.7 million (2022).