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Imprimis affiliate Surface Pharmaceuticals enters $20M financing deal

Imprimis Pharmaceuticals Inc.'s affiliate Surface Pharmaceuticals Inc. is selling up to about $20 million of its series A preferred stock to an affiliate of Flying L Partners in a private placement.

Under the financing agreement, the company closed on initial proceeds of about $15 million May 11 and expects a second closing of up to an additional $5 million in next 90 days.

Upon closing, Surface Pharmaceuticals will become a separately financed and managed entity. However, Imprimis will maintain an about 30% ownership stake in the company and retain royalty interests in its contributed formulations.

Surface Pharmaceuticals plans to use the proceeds to advance its clinical development programs for ocular surface disease, including dry eye disease treatments, by seeking approval from the U.S. Food and Drug Administration for three drug candidates for up to five indications, as well as for general corporate purposes.

Flying L Partners is a partnership with an investment strategy of raising capital to invest in selected promising opportunities.