Symic Bio Secures $11 Million Series C Financing to Advance Matrix-Targeted Therapies

VCBeat (WeChat Official Account: vcbeat) has learned that on April 25, biopharmaceutical company Symic Bio announced the completion of an $11 million Series C financing round. The round was led by Cell Innovation Partners (CIP). The proceeds will be used to accelerate the Phase II clinical trial of Symic Bio’s candidate drug SB-061 and the Phase III clinical trial of SB-030.

Symic Bio, founded in Emeryville, California in 2012, is a biopharmaceutical company developing novel matrix-targeted therapies. Matrix-targeted therapy is an innovative therapeutic approach focused on matrix biology. Symic Bio currently has two clinical candidates: SB-061, for disease modification and pain management in the treatment of osteoarthritis; and SB-030, for the prevention of peripheral vein graft failure. Additionally, Symic Bio is investigating the application of SB-030 in fibrosis, oncology, and central nervous system disorders.

The extracellular matrix is a non-cellular component of bodily tissues, which can be envisioned as a sponge-like environment surrounding tissue cells. Within this milieu, cells undergo proliferation, migration, and differentiation. Research over the past few decades has demonstrated that the interactions and dynamic relationships between cells and their matrix environment hold significant biological importance. Symic Bio’s target gene-based biotherapeutics are founded upon this research. These therapies draw inspiration from naturally occurring macromolecular proteoglycans within the matrix. These proteoglycans bind to targets in the matrix that have been damaged by injury or disease, thereby inhibiting pathological inflammatory responses and modulating the structure and degradative capacity of the matrix.

SB-061 is a therapeutic bioconjugate molecule inspired by the properties of aggrecan, administered directly into the joint via intra-articular injection. SB-061 directly targets and inhibits the degradation of the extracellular matrix within the joint cavity, thereby halting the matrix-induced inflammatory cycle and improving the signs and symptoms of progressive osteoarthritis. This approach aims to modify the disease course by reducing joint degeneration and alleviating inflammation-related symptoms. SB-061 is under clinical development for the treatment of knee osteoarthritis.

Venous graft bypass is a surgical procedure used to restore blood flow to tissues affected by peripheral vascular disease. SB-030 is a medication designed to prevent venous graft failure. Administered locally, SB-030 acts on the extracellular matrix of exposed connective tissue. In targeting extracellular matrix-mediated responses, SB-030 aims to prevent scarring (neointimal hyperplasia) and thrombosis that can lead to venous graft failure. In addition to preventing venous graft failure, SB-030 may be used in other types of vascular surgeries, including coronary artery bypass grafting and surgical interventions for end-stage renal disease.

Ken Horne, CEO of Symic Bio, stated, “The investment from CIP will advance the development of two Phase II candidate drugs in our pipeline. Furthermore, CIP brings strong strategic relationships in the Asia-Pacific region, which will be a significant benefit to our geographic expansion.”

Cell Innovation Partners (CIP) was jointly established in 2014 by Shinsei Corporate Investment, a subsidiary of Shinsei Bank, and ReproCELL, a leading stem cell research company. Headquartered in Japan, CIP is a venture capital fund specializing in global regenerative medicine and stem cell technologies. The firm supports its portfolio companies by leveraging its expertise in business development and finance.

(Compiled by Li Chengping)