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.
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Related links:
http://www.surfacelogix.com
CONTACT:
David H. Donabedian, Ph.D., Vice President,
Business Development of Surface Logix Inc., +1-617-746-8520; or
Media: Kari Watson of MacDougall Biomedical Communications Inc.,
+1-508-647-0209
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