US-based biopharmaceutical company Symic Bio has completed a $30m series B round backed by all its existing investors including the corporate venturing units of pharmaceutical company Eli Lilly and diversified conglomerate Mitsui.
Lilly Ventures and Mitsui Global Investment were joined by Danish state-backed fund Den Danske Forskningsfond, Ally Bridge Group, InCube Ventures, Purdue Foundry Investment Fund, Mission Bay Capital, QB3 Partners and new investor Heda Ventures
Symic is working on a new type of therapeutics called matrix regulators. It will use part of the series B capital to support a forthcoming phase 3 trial for its lead compound, SB-030, which it is developing to help improve the success rate of surgical vein graft procedures.
Additonal proceeds will also be used to develop SB-061, another compound Symic is developing that will be used in pain management and disease modification when treating knee-focused osteoarthritis, and to support further research.
The series B investors, minus Heda, had previously participated in Symic’s $40m series A round in 2015, which followed a 2014 seed round in which it raised almost $1.4m, and $850,000 of earlier funding in 2013.