Lyra Therapeutics (Nasdaq:LYRA) announced today that it agreed to sell securities in a private placement worth more than $100 million.

The company — which develops the XTreo platform designed to enable precise, sustained, and local delivery of medications to the ear, nose and throat (ENT) passages and other diseased tissues — did not list an intended use of proceeds.

Watertown, Massachusetts–based Lyra expects the securities purchase agreement to sell securities in the private placement to bring in gross proceeds of approximately $100.5 million before deducting offering expenses, according to a news release.

Investors had the option in the private placement to purchase either shares of Lyra’s common stock at $4.22 per share or, in lieu thereof, pre-funded warrants to purchase shares of common stock with an exercise price of $0.001 per share at a purchase price of $4.219 per share (equating to $4.22 per share).

Under the agreement, certain investors agreed to purchase an aggregate of more than 18.8 million shares of common stock at the $4.22 per share purchase price. Certain investors also agreed to purchase pre-funded warrants to purchase an aggregate of 5 million shares of common stock at the same price.

Lyra expects the offering to close on April 12, 2022, subject to certain conditions.