Interface Biologics, Inc., a Toronto, Canada-based commercial stage developer of innovative biomedical-polymer products, completed a $7m Series B financing.
The round was led by Business Development Bank of Canada, with participation from Covington Capital and VG Partners.
As stated by Tom Reeves, President & CEO of Interface Biologics, this financing will allow the company to reach cash flow breakeven.
Interface Biologics, which is a University of Toronto spinoff, develops biomedical polymer technology to improve the safety and effectiveness of medical devices. Its primary technology focus areas are anti-thrombogenic devices that reduce thrombosis without the need for heparin, anti-infective polymers, and programmable combination drug delivery devices.
The company, which is now located at the MaRS Centre in Toronto, is trying to raise additional $3-5m in funding to facilitate development of other applications.