Symic Biomedical Secures $15 Million in Series A Financing

Jan 05, 2015, 09:29 ET from Symic Biomedical

SAN FRANCISCO, Jan. 5, 2015 /PRNewswire/ -- Symic Biomedical announced today that the company has secured $15 million in Series A financing. This financing will support the company's ongoing development of its novel therapeutics, and advancement of its two lead programs into clinical trials. The financing was led by Lilly Ventures, and included investors Den Danske Forskningsfond (Denmark), Mitsui Global Investment (Japan), Ally Bridge Group (Hong Kong), and InCube Ventures, as well as participation by Purdue Foundry Investment Fund, Mission Bay Capital, QB3 Partners, and other individual investors.

"Lilly Ventures is excited to lead this financing as we believe the new category of therapeutics being developed by Symic have tremendous potential in a wide variety of clinical applications," said Armen Shanafelt, PhD, General Partner at Lilly Ventures. "By targeting the extracellular matrix, a fundamental component of human biology, Symic's compounds provide a unique approach to treatment that cannot be addressed by other therapeutic modalities."

In conjunction with the financing, Drs. Shanafelt and Claus Christiansen, MD, Chairman of Nordic Biosciences (Denmark), have joined Symic's board of directors. Ken Horne, Chief Executive Officer at Symic Biomedical, said, "securing this significant investment demonstrates our investors' enthusiasm for the Symic platform technology. It is exciting to have such a group of investors that can facilitate Symic's global ambitions. With this financing we will advance our lead programs into clinical trials, and also support our collaborative relationships." To date, the company has raised a total of $17.8 million in financing.

About Symic Biomedical (www.symicbio.com)
Symic Biomedical is developing a new category of therapeutics that offer an exciting and biologically innovative approach to treating disease.  Symic's compounds function like proteoglycans, important structural and functional macromolecules native to the ECM (extracellular matrix).  The ECM is the non-cellular component of tissues that is critical for healthy tissue function.  Components of the ECM, particularly proteoglycans, play a critical role in maintaining tissue function and healing upon injury or in chronic diseases – Symic's molecules function in a similar manner.  Symic is targeting the ECM using its proprietary and novel proteoglycan mimics, and will advance its compounds in a variety of acute and chronic therapeutic areas with significant unmet clinical needs.

SOURCE Symic Biomedical



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