On February 18, 2025, Cyrano Therapeutics, a clinical-stage regenerative medicine company pioneering the development of treatments for smell loss, announced that it entered into an option agreement with KYORIN Pharmaceutical. Under the agreement, KYORIN has an option to license CYR-064 for development and commercialization in Japan and will pay an option fee. Upon exercising the option and entering into a licensing agreement, KYORIN will provide Cyrano with an upfront payment, milestone payments tied to the progress of developing and commercializing CYR-064, and royalties based on a specified percentage of net sales following its launch. Wilson Sonsini Goodrich & Rosati advised Cyrano on the transaction.   

CYR-064 is a new, patent-protected intranasal formulation of the broad-spectrum phosphodiesterase (PDE) inhibitor theophylline, which is currently undergoing a Phase 2 clinical trial in the United States. Results from this trial are anticipated in the latter half of 2025. The treatment aims to inhibit cAMP degradation, which increases intracellular levels and enhances the excitability of olfactory neurons, potentially offering therapeutic benefits for post-viral hyposmia and other olfactory disorders.

The Wilson Sonsini team that advised Cyrano on the transaction includes:

Technology Transactions
Seth Flaum
Nguyen Pham
Rachel Slyker

Corporate
Mark Solakian
Rozman Lynch

For more information, please see Cyrano's news release.