Research & Development
Surface Pharmaceuticals signs definitive stock purchase agreement with Flying L Partners affiliate
17 May 2018 -

Surface Pharmaceuticals, an affiliated company of Imprimis Pharmaceuticals, has signed a definitive stock purchase agreement with an affiliate of Flying L Partners.

It was reported yesterday that the contract has been signed to raise proceeds of around USD20m in a private placement of Surface Pharmaceuticals' Series A preferred stock.

The firm aims to use the funds from the Series A financing to advance its clinical development programs concentrated on ocular surface disease, including Dry Eye Disease treatments, by seeking US Food and Drug Administration (FDA) approval for three drug candidates for up to five indications, and for general corporate purposes. The closing of the Series A financing will enable the company to be deconsolidated from Imprimis and make it a separately financed and managed entity. Upon the expected completion of the Series A financing, Imprimis will maintain an around 30% ownership stake in Surface Pharmaceuticals and retain royalty interests in the Imprimis contributed formulations.