Symic Secures $25 Million in Series A-2 Financing to Advance Clinical-Stage Biotherapeutics Platform
- Company Is Currently Investigating Its Lead Candidate, SB-030, in the Phase 1/2 SHIELD Clinical Trial -
SAN FRANCISCO, Dec. 1, 2015 /PRNewswire/ -- Symic, a clinical-stage biotherapeutics company developing multiple compounds that target and affect the extracellular matrix (ECM), today announced that it has secured $25 million in a Series A-2 financing to advance the company's pipeline, including its lead candidates SB-030 and SB-061. The financing was led by Lilly Ventures and includes the participation by all existing major investors, as well as several new investors. This new funding brings the total capital raised by Symic to over $43 million since being founded in 2012.
The company recently initiated the Phase 1/2 SHIELD clinical trial to evaluate the safety and efficacy of SB-030, a locally applied, single-use treatment for the reduction of acute inflammation resulting from the vascular injury following percutaneous transluminal angioplasty in patients with peripheral artery disease. The company is also advancing its proprietary treatment SB-061 in osteoarthritis.
"This $25 million round of financing puts Symic on strong footing to execute on our promising pipeline of compounds targeting and affecting the extracellular matrix," said Ken Horne, Chief Executive Officer of Symic. "We are now well capitalized to move our vascular and osteoarthritis programs through Phase 1/2 studies in the clinic and to continue the exciting research on what our next clinical program will be."
Dr. Armen Shanafelt, general partner at Lilly Ventures, said, "The combination of Symic's high quality management team and its novel approach targeting the extracellular matrix make Symic a very exciting company. The Symic team has made significant progress with its two lead programs, moving the first of these into human clinical trials less than a year after closing the Series A. We look forward to data from these studies in 2017."
About Symic
Symic is a clinical-stage biotherapeutics company developing multiple compounds that target and affect the extracellular matrix (ECM), the non-cellular component of tissues that is critical for healthy tissue function. Components of the ECM, particularly proteoglycans, which are important structural and functional macromolecules native to the ECM, play a critical role in healing following injury and in chronic diseases. Symic's proprietary compounds function like proteoglycans, and have been designed to promote healing and repair in a variety of disease states. SB-030 is Symic's lead compound under evaluation in the Phase 1/2 SHIELD clinical trial for vascular endothelial injury.
Symic is based in San Francisco. For additional information, please visit the company's website at http://www.symic.bio or follow us on Twitter at www.twitter.com/symicbio and LinkedIn at www.linkedin.com/company/symic-bio/.
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SOURCE Symic
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