Fighting anaphylaxis without needles: Raleigh pharma startup raises $15M

RALEIGH – Bryn Pharma, a privately held pharmaceutical company focused on creating a new treatment for anaphylaxis – a life-threatening allergic reaction – not only has a new CEO and COO but also $15 million in cash as the company seeks FDA approval for its unique nasal spray.

Their signature device, UTULY, is a needle-free epinephrine nasal spray that could become an alternative to the commonly-prescribed EpiPen.

In an SEC filing made Wednesday, Bryn disclosed raising $15 million – all equity – in a round of funding targeting $20 million.

The offering drew 82 investors.

Byrn raised more than $15 million last November as part of a $43 million round.

According to SEC data the company has now raised more than $100 million.

New CEO Sandy Loreaux took over on March 13. The former CEO, Dr. David Dworaczyk, stepped down into a role as senior advisor and head of R&D.

The company also recently named James Borneman as chief operating officer. He will be responsible for “day-to-day operational oversight” as Bryn prepares for the FDA approval and launch of UTULY.