3:34 PM
 | 
May 15, 2018
 |  BC Extra  |  Financial News

Imprimis spinout Surface raises $20M series A

Eye disease company Surface Pharmaceuticals Inc. (Pleasanton, Calif.) launched with a $20 million series A round funded by an investment entity managed by Flying L Partners. Surface is a spinout from drug delivery company and compounding pharmacy Imprimis Pharmaceuticals Inc. (NASDAQ:IMMY), which retains about a 30% stake in Surface and is eligible for single-digit royalties on sales of its candidates transferred to Surface.

In 4Q17, Imprimis transferred its three ocular surface disease candidates -- SURF-100, SURF-200 and SURF-300 -- to its former subsidiary Surface. Surface is developing all three products under section 505(b)(2) of the Food, Drug and Cosmetic Act, which allows sponsors to reference data on safety and efficacy from scientific literature or from previously approved products.

Surface's lead product, SURF-100, is a topical eye drop formulation of mycophenolic acid that uses the company's Klarity delivery vehicle to treat chronic dry eye disease. SURF-200 is a topical eye drop formulation of betamethasone that also uses the Klarity delivery vehicle to treat episodic dry eye disease. The company plans to submit INDs for the products by year end or early next year.

SURF-300 is an oral combination of low-dose doxycycline plus a powder formulation of omega-3 using acid-resistant capsule technology to treat refractory dry eye disease.

Imprimis was up $0.15 to $2.40 on Tuesday.

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