Bulletin, Member News

Congratulations CLSA Member Symic Biomedical! Company Raises $25 Million

Original article featured on Silicon Valley Business Journal, December 1, 2015

Biotherapeutics startup Symic Biomedical raised $25 million in Series A-2 funding Tuesday to further treatments for osteoarthritis and cardiovascular ailments.

Lilly Ventures led the round with participation from unnamed new and existing investors. The company has raised $43 million to date.

Ken Horne, CEO of Symic Biomedical, which raised $25 million to test its new therapies.
Ken Horne, CEO of Symic Biomedical, which raised $25 million to test its new therapies.

CEO Ken Horne heads up the San Francisco-based company, which was founded in 2012 as a clinical-stage biotherapeutics startup. The company develops multiple compounds that target the “extracellular matrix,” the non-cellular component of tissues, which is critical for healthy tissue function. The company’s library of compounds protect the extracellular matrix from illness or injury-related degradation.

“This $25 million round of financing puts Symic on strong footing to execute on our promising pipeline of compounds,” Horne said in a press release. “We are now well capitalized to move our vascular and osteoarthritis programs through Phase 1/2 studies in the clinic and to continue the exciting research on what our next clinical program will be.”

Biotech is a sector that has the attention of investors in 2015. The biotechnology industry raised $2.06 billion across 121 deals during the third quarter of this year, slightly down from $2.07 billion in the second quarter across 124 deals, according to the MoneyTree Report from PricewaterhouseCoopers (PwC) and the National Venture Capital Association (NVCA), with data from Thomson Reuters.

Recent biotech fundings in the Silicon Valley area include Silk Road Medical, which raised $57 million in October, and Gritstone Oncology, which raised $102 million around the same time. In November, Andreessen Horowitz started a $200 million fund with a focus on areas such as digital therapeutics, cloud technology in biology and computational medicine.