Lyra Therapeutics Announces Appointment of Ronan O’Brien as Chief Legal Officer

WATERTOWN, Mass., Oct. 16, 2023 (GLOBE NEWSWIRE) -- Lyra Therapeutics, Inc. (Nasdaq: LYRA) (“Lyra” or the “Company”), a clinical-stage biotechnology company developing innovative therapies for the localized treatment of chronic rhinosinusitis (“CRS”), today announced the appointment of Ronan O’Brien, as Chief Legal Officer, effective October 16, 2023.

“We are pleased to welcome Mr. O’Brien to Lyra,” said Maria Palasis, Ph.D., Chief Executive Officer of Lyra. “His significant legal experience, including building and leading the legal function of a commercial company, is important as we ultimately aim to evolve from a clinical enterprise into a commercial one.”

“I’m excited to be joining Lyra at this critical time, with multiple Phase 3 pivotal data readouts ahead,” said Mr. O’Brien. “I look forward to helping the Company advance towards commercializing its two products for the treatment of CRS in collaboration with the Lyra team.”

Mr. O’Brien brings more than 25 years of legal experience to Lyra including serving in senior legal roles at multiple biotechnology companies and stints at several top-tier law firms. Most recently Mr. O’Brien served as General Counsel, Chief Compliance Officer & Secretary of Pear Therapeutics, Inc., an innovative medical device company, which launched three commercial products. Mr. O’Brien earned his B.A. and J.D. from Boston University.

Lyra has approved the issuance of an inducement grant to Mr. O’Brien, upon the commencement of his employment, pursuant to the Company’s 2022 Employment Inducement Award Plan, as amended (the “2022 Inducement Plan”). The grant was approved by the Company’s Compensation Committee, which is comprised entirely of independent directors, and was made as a material inducement to Mr. O’Brien’s acceptance of employment with Lyra in accordance with Nasdaq Listing Rule 5635(c)(4) as a component of his employment compensation. The inducement grant consists of a non-qualified stock option to purchase an aggregate of 200,000 shares of the Company's common stock. The inducement grant will vest over a four-year period, with 25% of the shares vesting on the one-year anniversary of Mr. O’Brien’s start date, and thereafter the remainder of the shares vest in 36 equal monthly installments, subject to Mr. O’Brien’s continued employment with Lyra through the applicable vesting dates. The inducement grant is subject to the terms and conditions of the award agreement covering the stock option grant and the 2022 Inducement Plan.