RALEIGH – Investors are flocking to Raleigh startup Byrn Pharma, which offers a needle-free means of administering epinephrine via a nasal spray to combat anaphylaxis.
The Mayo Clinic defines anaphylaxis as a “severe, potentially life-threatening allergic reaction. It can occur within seconds or minutes of exposure to something you’re allergic to, such as peanuts or bee stings.”
Nearly 170 investors have poured more than $28 million into the new round of funding, which launched earlier this year. Byrn has set a $30 million target.
It is estimated that 49 million Americans with severe, possibly life-threatening allergies are at risk for anaphylaxis. For 30 years, the standard of care has been for patients to carry two epinephrine auto-injectors with them at all times. Studies show, however, that less than half of patients diagnosed with anaphylaxis carry one auto-injector and a much smaller percentage carry the recommended two.
Bryn Pharma’s Bryn Intranasal Epinephrine Spray (BRYN-NDS1C) is a needle-free, portable and easy-to-use device for administering epinephrine. The U.S. Food and Drug Administration granted BRYN-NDS1C Fast Track designation early last year.