Loss of smell and taste is one of the earliest and most persistent symptoms of Covid-19.
While most people bounce back within a few weeks of infection, for others it can take months or longer for those senses to fully return. According to one study based on data from the National Health Interview Survey, about 25% of American adults diagnosed with Covid in 2021 reported only partial or no recovery of smell and taste after recovering from the virus.
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A South Florida company is among the businesses researching solutions.
Delray Beach's Cyrano Therapeutics reported it raised $9 million from investors to finance the development of a drug that treats post-viral smell loss. The series B funding round was co-led by the Florida Opportunity Fund managed by DeepWork Capital and existing investors Lumira Ventures and Remiges Ventures.
"Smell loss correlates to functional loss of taste, which can both diminish quality of life and present significant health and safety risks, thus underscoring the urgency in advancing this important therapeutic," Cyrano Therapeutics president and CEO Rick Geoffrion said in a statement.
Health and safety risks tied to loss of smell and taste could include the inability to detect food poisoning or hazardous fumes, the company reports.
Cyrano is developing what it says will be the first available treatment for people experiencing long-term smell loss due to a viral infection, Geoffrion added. The series B capital will help finance a randomized clinical trial of CYR-064, an intranasal theophylline spray therapy. There is currently no U.S. Food and Drug Administration-approved therapy available to treat loss of smell from viruses or other causes.
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Cyrano also plans to conduct exploratory research for patients with Parkinson's disease, who also frequently lose their sense of smell and taste.
Jackson Streeter, venture partner at Orlando-based DeepWork Capital, said the Cyrano investment is part of the firm's effort to "identify and cultivate emerging biotechnology companies in Florida that combine executive and scientific expertise with therapeutic opportunities that offer the potential to address significant, unmet medical needs."
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