It will seek FDA approval for 3 drug candidates.
SAN DIEGO, and PLEASANTON, CA — Surface Pharmaceuticals Inc., an affiliated of Imprimis Pharmaceuticals Inc., announced that it has raised $20 million in financing.
The company said in a press release that it entered into a definitive stock purchase agreement with an affiliate of Flying L Partners to raise the money in a private placement of its Series A preferred stock.
Surface plans to put the proceeds toward clinical development programs focused on ocular surface disease, including dry eye disease treatments. It will seek FDA approval for three drug candidates for up to five indications.
Dr. Kamran Hosseini, CEO of Surface, said, "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. 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."
The closing of the Series A financing will allow Surface to be deconsolidated from Imprimis. It will become a separately financed and managed entity.
Imprimis will maintain an approximately 30 percent ownership stake in Surface and retain royalty interests in the Imprimis contributed formulations.