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Symic Bio Announces Closing of Investment led by CIP
SAN FRANCISCO, April 25, 2019 /PRNewswire/ -- Symic Bio, a biopharmaceutical company developing novel extracellular matrix targeting drugs, today announced the closing of financings led by Cell Innovation Partners (CIP), a healthcare venture fund started by ReproCELL and Shinsei Bank Group in Japan. Existing investors also participated in the financing, bringing the total raised as part of these financings to $11 million.
"We are excited to have CIP on board as a new investor. Their investment reinforces investor support of Symic Bio's platform and our two Phase 2 drug candidates," commented Symic Bio CEO, Ken Horne. "In addition, CIP brings strong strategic relationships in the Asia Pacific region, which will be a big benefit for our geographic expansion efforts." The financing will be utilized to advance Symic Bio's disease-modifying osteoarthritis drug, SB-061, into a global Phase 2b trial to be started in the latter half of 2019. Further, a global Phase 3 trial evaluating the potential for SB-030 to prevent vein graft failure in peripheral artery disease is also expected to start in 2020.
About CIP Ventures
Cell Innovation Partners (CIP), based in Japan, is a venture capital fund focusing exclusively on global regenerative medicine and stem cell technologies. CIP was founded in 2014 by ReproCELL, a leading stem cell research company, and Shinsei Corporate Investment, a subsidiary of Shinsei Bank. CIP supports its investee companies through its expertise and broad network in business development, R&D and finance. For additional information please visit the company's website at http://www.cell-ip.com/en
About Symic Bio
Symic Bio is a biopharmaceutical company developing novel matrix-targeting therapeutics, a new category of therapeutics focused on matrix biology. These therapeutics, with potential applications in a wide variety of disease states, are inspired by naturally occurring macromolecules that play key regulatory roles within the extracellular matrix. Symic Bio currently has two clinical candidates: SB-061, directed at disease modification and pain management in the treatment of osteoarthritis, and SB-030, targeting the prevention of peripheral vein graft failure. In addition, Symic Bio is investigating applications in the areas of fibrosis, oncology and diseases of the central nervous system. For additional information please visit the company's website at www.symic.bio, LinkedIn page at www.linkedin.com/company/symic-bio or follow on Twitter at www.twitter.com/symicbio.
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SOURCE Symic Bio