By Angela McDaniels
Seattle, Oct. 28 - Surface Logix, Inc. said Friday that it has closed on $32 million of $42 million in committed private financing.
Participants 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 said it will use the financing to fund upcoming clinical trials and to continue the development of SLx-2101 for erectile and endothelial dysfunction.
Under the terms of the deal, Surface Logix expects to bring in the $10 million second tranche upon the completion of specific milestones.
"The team at Surface Logix has demonstrated tremendous progress in rapidly building a pipeline of novel drugs that address very large markets," said Bryan Roberts, general partner at 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."
Surface Logix is based in Boston and develops small-molecule drugs for use in treating cardiovascular disease, oncology and metabolic disorders.
| Issuer: | Surface Logix, Inc.
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| Issue: | Venture capital
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| Amount: | $42 million
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| Investors: | Venrock Associates, Arch Venture Partners, CW Group, HBM Partners, TIAA-CREF, Healthcare Focus Fund, Intel Capital, Unilever Technology Ventures and individuals.
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| Announcement date: | Oct. 28
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