Lyra Therapeutics (NSDQ:LYRA) announced today that it appointed Jason Cavalier as its new chief financial officer, effective today.

Cavalier succeeds the company’s current CFO, Don Elsey, who is retiring while he remains expected to serve in an advisory role to assist with the transition.

Watertown, Massachusetts-based Lyra — 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 — said in a news release that Cavalier’s role will involve leading the company’s financial and capital markets strategy, advising on business development and transactional activities and supporting investor and public relations.

“Jason brings over two decades of expertise in investment banking and corporate strategy and we are excited to welcome him to Lyra Therapeutics’ leadership team,” Lyra president & CEO Maria Palasis said in the release. “Jason’s insight into capital markets and corporate finance will be a valuable asset as we advance our lead programs, LYR-210 and LYR-220, into late-stage clinical development. We sincerely thank Don for his contributions to Lyra and wish him the best in retirement.”

Cavalier joins Lyra having most recently served as managing director and head of life sciences mergers & acquisitions at Cantor Fitzgerald. He previously held senior-level positions at RBC Capital Markets and served in investment banking roles at Barclays Capital, Bear Stearns and Lehman Brothers.

“Lyra’s XTreo technology is an innovative platform that has already demonstrated the potential to make a meaningful difference in the lives of the millions of patients suffering with chronic rhinosinusitis,” Cavalier said. “I believe it also holds impressive promise as a treatment for other chronic diseases where precise, sustained, local delivery of drug can provide a therapeutic advantage. I’m excited to join the Lyra leadership team as the company pursues the multi-billion-dollar CRS market opportunity and other indications in the future.”