Surface Logix Announces $42 Million Private Financing To Advance Multiple Clinical Programs
BOSTON, Oct. 28 /PRNewswire/ -- Surface Logix today announced it has closed on $32 million of a $42 million committed private financing. Under the terms of the deal, Surface Logix expects to bring in the $10 million second tranche upon the completion of specific milestones. Participants in the financing included current Surface Logix investors, Venrock Associates, Arch Venture Partners, CW Group, HBM Partners, TIAA-CREF, Healthcare Focus Fund and Intel Capital. Also participating were new investors Unilever Technology Ventures and selected individual investors.
Surface Logix will use the funds to continue the development of SLx-2101, a potent, long acting PDE5 inhibitor, as well as to bring new proprietary programs into the clinic. By the end of this year, SLx-2101 will enter Phase II clinical trials for both endothelial dysfunction as well as erectile dysfunction. In 2006, Surface Logix plans to initiate new Phase II clinical trials for SLx-2101 in pulmonary arterial hypertension and congestive heart failure. Also in 2006, Surface Logix plans to initiate Phase I clinical trials for two additional candidates: SLx-4090, an enterocyte-specific MTP inhibitor for the treatment of dyslipidemia; and SLx-2119, a potent, selective and orally bioavailable Rho A kinase inhibitor for the treatment of cancer, atherosclerosis and fibrosis.
"The team at Surface Logix has demonstrated tremendous progress in rapidly building a pipeline of novel drugs that address very large markets," stated Bryan Roberts Ph.D. General Partner, Venrock Associates. "This financing will allow the Company to advance several of these exciting compounds through proof-of concept at which point they can attract high-value commercialization partnerships."
"This financing represents a strong vote of confidence from our world- class investors in our product-driven strategy and ability to rapidly create and develop better drugs with significantly improved pharmacokinetic profiles," said Jim Mahoney, Surface Logix's President and CEO. "Using our novel Pharmacomer(TM) Technology Platform, we have tapped into new chemistry space that cannot be accessed using traditional medicinal chemistry practices and have been able to understand and solve many of the chemistry/biology interface problems that have hindered drug development for years."
About Surface Logix Inc.
Surface Logix Inc. uses its expertise in biophysical chemistry to create new small molecule drugs that are optimized to meet the challenges of human physiology. The company is advancing multiple internal programs focused primarily on cardiovascular disease, oncology and metabolic disorders and works with strategic partners to create differentiated new chemical entities for multiple indications. On the net http://www.surfacelogix.com.
Contact: David H. Donabedian, Ph.D. Vice President, Business Development 617.746.8520
Media: Kari Watson MacDougall Biomedical Communications Inc. 508.647.0209
Source: Surface Logix Inc.