The Purdue Foundry Investment Fund reinvested in a $30m round for Symic that will support a phase 3 trial for a compound intended to improve vein graft surgery.
Symic Bio, a biopharmaceutical spinout of Purdue University, has completed a $30m series B round backed by all its existing investors, including Purdue Foundry Investment Fund, a vehicle backed by Purdue University focused on the institution’s spinouts.
Danish state-backed research fund Den Danske Forskningsfond as well as Lilly Ventures and Mitsui Global Investment, the corporate venturing units of pharmaceutical company Eli Lilly and diversified conglomerate Mitsui, also participated, as did Ally Bridge Group, InCube Ventures, Mission Bay Capital, QB3 Partners and Heda Ventures.
Symic is commercialising research conducted at Purdue University Weldon School of Biomedical Engineering. The spinout is working on a new type of therapeutics called matrix regulators.
The company will use part of the series B capital to support a forthcoming phase 3 trial for its lead compound, SB-030, which it is developing to help improve the success rate of surgical vein graft procedures.
Additonal proceeds will also be used to develop SB-061, another compound Symic is developing that will be used in pain management and disease modification when treating knee-focused osteoarthritis, and to support further research.
The series B investors, minus Heda, had previously participated in Symic’s $40m series A round in 2015, which followed a 2014 seed round in which it raised almost $1.4m, and $850,000 of earlier funding in 2013.
– A version of this story first appeared on our sister site Global Corporate Venturing.
