Interface Biologics Inc. (IBI), a privately held commercial stage developer of transformative biomedical-polymer products, is pleased to announce the completion of a $7M series B financing, led by Business Development Bank of Canada in conjunction with Covington Capital and VG Partners.
Denis Ho, Managing Director of Life Sciences, BDC Venture Capital concluded that, “the Interface Biologics team has demonstrated strong commercial capabilities with their product platforms, having signed three commercial agreements over the last 12 months. We are encouraged by the product and partnership pipeline that is being developed and believe that IBI will be one of the pillars of a successful biotechnology ecosystem in Ontario.”
“These are difficult times for early stage companies, and this latest financing by Interface Biologics demonstrates the faith the investment community has in IBI’s technology platforms, management team and commercial prospects”, commented Art Rosenthal, CEO of medical device company Cappella Inc and Chairman of the IBI Board.
Tom Reeves, President & CEO of Interface Biologics said, “We’re very pleased to have been able to complete this financing and greatly appreciate the support of our investor partners. Based on our current forecasts, this financing is sufficient for us to reach cash flow breakeven but we are still open to a $3-5 million incremental raise in order to facilitate parallel development of other applications for our combination drug-delivery biomedical polymer technologies.”
Mr. Reeves will be presenting at OneMedForum 2011 on January 11, 2011 at Sir Francis Drake Hotel in San Francisco.
About Interface Biologics, Inc.
Interface Biologics is a commercial stage privately held company that develops transformative biomedical polymer technology to improve the safety and effectiveness of medical devices. IBI’s primary technology focus areas are anti-thrombogenic devices that reduce thrombosis without the need for heparin, anti-infective polymers, and programmable combination drug delivery devices. IBI, a University of Toronto spinoff, is now located at the MaRS Centre in Toronto, Canada. For more information about Interface Biologics, please visitwww.interfacebiologics.com.
About Business Development Bank of Canada
BDC is a major venture capital investor in Canada, active at every stage of the company’s development cycle, from seed through expansion, with a focus on technology-based businesses that have high growth potential and that are positioned to become dominant players in their markets.