SAN DIEGO, and PLEASANTON,
Calif., May 15, 2018
/PRNewswire/ -- Surface Pharmaceuticals, Inc., an affiliated
company of Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY), today
announced it has entered into a definitive stock purchase agreement
with an affiliate of Flying L Partners to raise proceeds of up to
approximately $20 million in a
private placement of its Series A preferred stock. Surface
Pharmaceuticals intends to use the proceeds of the Series A
financing to advance its clinical development programs focused on
ocular surface disease, including Dry Eye Disease treatments, by
seeking FDA approval for three drug candidates for up to five
indications, as well as for general corporate purposes.
Surface Pharmaceuticals CEO, Kamran
Hosseini MD, PhD, stated, "The drug candidates we are
developing may provide solutions to millions of Americans who are
in need of effective therapies to treat ocular surface conditions
such as Dry Eye Disease and Blepharitis. The proceeds from
this transaction, along with the involvement of Flying L Partners,
will help ensure our long-term success as we execute the initial
stages of our drug development programs."
"We are excited to fund this Series A round of financing and
team up with Surface Pharmaceuticals. There are an estimated
30 million Americans who suffer from some form of Dry Eye Disease,
but only approximately 4 million prescriptions were dispensed in
2017, leaving a large unmet need in the market. We believe
the opportunity to finance these drug development programs will
ultimately benefit patients, their providers, and reward
investors," said Dr. William J.
Link, Principal, Flying L Partners.
Imprimis CEO, Mark L. Baum,
concluded, "The principals of Flying L have backed many of the most
consequential ophthalmic companies over the past three
decades. We could not have found a better partner to help
develop Surface's ocular surface disease drug
candidates."
The closing of the Series A financing will allow Surface
Pharmaceuticals 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
approximately 30% ownership stake in Surface Pharmaceuticals and
retain royalty interests in the Imprimis contributed
formulations. Upon signing of the definitive stock purchase
agreement on May 11, 2018, Surface
Pharmaceuticals closed on initial proceeds of approximately
$15 million, with a second closing of
up to an additional $5 million
expected to occur within the next 90 days.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities described herein,
nor shall there be any sale of any such securities in any
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction.
ABOUT SURFACE PHARMACEUTICALS
Surface Pharmaceuticals, Inc. is a biopharmaceutical company
focused on development and commercialization of innovative
therapeutics for ocular diseases and is seeking FDA approval for
its drug candidates through the Section 505(b)(2) regulatory
pathway under the federal Food Drug & Cosmetic Act. Its
current drug pipeline consists of three proprietary drug
candidates. Surface topical eye drop drug candidates,
SURF-100 and SURF-200, utilize a patented delivery vehicle, that
was invented by renowned ophthalmologist, Dr. Richard Lindstrom. Surface's third drug
candidate, SURF-300, is a patent-pending oral capsule that will
target patients also suffering from certain ocular surface
diseases.
ABOUT FLYING L PARTNERS
Flying L Partners is a partnership formed by trusted colleagues
with a track record of bringing meaningful innovation to the
ophthalmic sector and creating value for investors. Flying L
Partners' investment strategy is to raise capital to invest in
selected, promising opportunities. Flying L Partners then
significantly engages with the company to accelerate progress with
a tight focus on innovation. Their mission is to create value
for investors by bringing meaningful innovation to providers and
patients which improve vision and treat diseases.
ABOUT IMPRIMIS PHARMACEUTICALS
Imprimis Pharmaceuticals, Inc. (NASDAQ: IMMY) is dedicated to
making high-quality innovative medications accessible and
affordable. The company's flexible business model allows a
drug to be compounded or developed as an FDA-approved product
through one of its subsidiaries or deconsolidated companies.
For more information about Imprimis, please visit the Investor
Relations section of the corporate website by clicking here.
SAFE HARBOR
This press release contains forward-looking statements within
the meaning of the U.S. Private Securities Litigation Reform Act of
1995. Any statements in this release that are not historical facts
may be considered such "forward-looking statements."
Forward-looking statements are based on management's current
expectations and are subject to risks and uncertainties which may
cause results to differ materially and adversely from the
statements contained herein. Some of the potential risks and
uncertainties that could cause actual results to differ from those
predicted include our ability to make commercially available our
compounded formulations and technologies in a timely manner or at
all; physician interest in prescribing our formulations; risks
related to our compounding pharmacy operations; our ability to
enter into other strategic alliances, including arrangements with
pharmacies, physicians and healthcare organizations for the
development and distribution of our formulations; our ability to
obtain intellectual property protection for our assets; our ability
to accurately estimate our expenses and cash burn, and raise
additional funds when necessary; risks related to research and
development activities; the projected size of the potential market
for our technologies and formulations; unexpected new data, safety
and technical issues; regulatory and market developments impacting
compounding pharmacies, outsourcing facilities and the
pharmaceutical industry; competition; and market conditions. These
and additional risks and uncertainties are more fully described in
Imprimis' filings with the Securities and Exchange Commission,
including its Annual Report on Form 10-K and its Quarterly Reports
on Form 10-Q. Such documents may be read free of charge on the
SEC's web site at www.sec.gov. Undue reliance should not be placed
on forward-looking statements, which speak only as of the date they
are made. Except as required by law, Imprimis undertakes no
obligation to update any forward-looking statements to reflect new
information, events or circumstances after the date they are made,
or to reflect the occurrence of unanticipated events.
CONTACTS
Investor Contact for Surface:
Kamran Hosseini
kamran@surfacepharma.com
Investor Contact for Imprimis:
Jon Patton
jpatton@imprimispharma.com
858-704-4587
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SOURCE Imprimis Pharmaceuticals, Inc.