The additional $11.7 million in funding is all equity. The filing leaves room for an additional $3.275 million more to be sold, potentially bringing this round to a total of $30 million, double May’s original amount. The updated disclosure also brings the total number of investors from 82 in May, up to 105.
Bryn announced new executive leadership alongside its May funding, hiring CEO Sandy Loreaux and COO Jim Borneman. The company also announced three other hires in early May: Nurry Hong, Chief Strategy and Business Development Officer; Steve Killmeyer, Chief Financial Officer (CFO); and, Lisa Lucifero, VP, Head of Human Resources.
The company is working towards FDA approval of its epinephrine nasal spray, named UTULY, for treating anaphylaxis. If successful, it may replace the current anaphylaxis treatment standard, which is the needle-based EPIPEN.
The FDA filing was signed by the Chairman of the Bryn Pharma Board of Directors, Steven Hartman. This round of funding, the company’s fifth, brings their total raised to more than $120 million since 2018.. It was founded in 2016.