Surface Pharmaceuticals, a US-based ocular therapy spinoff from ophthalmological drug manufacturer Imprimis Pharmaceuticals, agreed on Tuesday to a $20m private placement from affiliate of investment partnership Flying L Partners.
The series A share placement consists of $15m received by Surface on May 11 and a further $5m due within 90 days. Imprimis will retain a 30% share of Surface and royalty interests in the drug formulations it has provided for the company.
Spun off in 2017, Surface is developing three ocular surface treatments. Two of them, SURF-100 and SURF-200, are topical eyedrops for dry eye syndrome and blepharitis, a condition where the eyelids become inflamed, respectively.
A third oral medication, SURF-300, will target certain conditions affecting the surface of the eye. The financing will fund clinical development as Surface aims to attain regulatory clearance in the US for its candidates for up to five ocular disorder indications.
Kamran Hosseini, CEO of Surface Pharmaceuticals, said: “The drug candidates we are developing may provide solutions to millions of Americans who are in need of effective therapies to treat ocular surface conditions such as dry eye disease and blepharitis.”