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Ebb & Flow Focus

Symphony Capital is taking a new tack on the SWORD financing model. Rather than forming a new public entity - a stock warrant off-balance sheet research and development company - to develop compounds from a pharma or biotech company, Symphony is keeping it private.

The firm last week announced its first such venture: Symphony Neuro Development Co., which raised $43 million and in-licensed the neuroimmunophilin ligand GPI 1485

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