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Surface Pharmaceuticals announces $20 million in Series A funding
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Surface Pharmaceuticals has entered into a definitive stock purchase agreement with an affiliate of Flying L Partners to raise $20 million in Series A financing, according to a press release from Imprimis Pharmaceuticals.
Surface, which is an affiliate of Imprimis, intends to use the funding to advance clinical development of programs focused on ocular surface disease, including dry eye disease treatments, the release said. It will seek FDA approval of three drug candidates for up to five indications.
The funding will allow Surface to be deconsolidated from Imprimis, which means it will be a separately financed and managed entity, according to the release. Imprimis will continue to have a 30% ownership stake in Surface and have royalty interests in the formulations it contributed to.
“The drug candidates we are developing may provide solutions to millions of Americans who are in need of effective therapies to treat ocular surface conditions such as dry eye disease and blepharitis,” Kamran Hosseini, MD, PhD, Surface CEO, said in the release. “The proceeds from this transaction, along with the involvement of Flying L Partners, will help ensure our long-term success as we execute the initial stages of our drug development programs.”