BioCentury
ARTICLE | Financial News

Imprimis spinout Surface raises $20M series A

May 18, 2018 2:08 PM UTC

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...