Monday, March 9, 2009

Surface Logix lands $20M financing, clinical trial

By Mass High Tech staff

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Drug development company Surface Logix Inc. announced that it had raised a total of $20 million -- about $15 million from equity contributions and $5 million from debt financing -- in addition to starting a Phase 2b clinical trial for dyslipidemia treatment.

The company reported that Silicon Valley Bank offered the $5 million venture loan. Equity financing came from ARCH Venture Partners, Healthcare Focus, HBM BioVentures, Saudi Venture Development Co., Unilever Technology Ventures and Venrock Associates.

The Phase 2b clinical trial, intended to last three months, will test the effects of Surface Logix’ SLx-4090, a lipid-lowering treatment for dyslipidemia, diabetes and obesity. About 135 overweight and obese patients will participate in the trial, company officials said. The trial is the first of two trials to test SLx-4090’s safety level, according to Warwick Tong, Surface Logix senior vice president.

Founded by George Whitesides of Harvard University, Surface Logix is focused on developing small molecule drugs that improve pharmacokinetic and pharmacodynamic drug features. In October, the company appointed a new president and CEO in Keith Dionne, filling a void left behind when former president and CEO Jim Mahoney resigned in May.