Surface Pharmaceuticals, Inc., an affiliated company of Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), entered into a stock purchase agreement with an affiliate of Flying L Partners to raise proceeds of up to approximately $20m in a private placement of its Series A preferred stock.
The company intends to use the proceeds of the Series A financing to advance its clinical development programs focused on ocular surface disease, including Dry Eye Disease treatments, by seeking FDA approval for three drug candidates for up to five indications, as well as for general corporate purposes.
Led by CEO Kamran Hosseini MD, PhD, Surface Pharmaceuticals is a biopharmaceutical company focused on development and commercialization of innovative therapeutics for ocular diseases and is seeking FDA approval for its drug candidates through the Section 505(b)(2) regulatory pathway under the federal Food Drug & Cosmetic Act. Its current drug pipeline consists of three proprietary drug candidates. Surface topical eye drop drug candidates, SURF-100 and SURF-200, utilize a patented delivery vehicle, that was invented by renowned ophthalmologist, Dr. Richard Lindstrom. The third drug candidate, SURF-300, is a patent-pending oral capsule that will target patients also suffering from certain ocular surface diseases.
The closing of the financing will allow the company to be deconsolidated from Imprimis and make it a separately financed and managed entity.