Toronto - December 9, 2008 - FOR IMMEDIATE RELEASE - Interface Biologics secures $5mm round of financing
Interface Biologics Inc. - a privately held developer of novel biomedical-polymers for use in implantable medical devices - is announcing that it has secured a $5mm financing round.
Participating in the round were existing investors Covington Capital, VG Partners and BDC Capital. In connection with the financing, Lily Lam from Covington Capital is joining the Board of Directors and Thomas P. Reeves has been appointed the new President and CEO and is also joining the Board of Directors.
"We are fully committed to Interface Biologics and are excited about the continued commercialization opportunities for the Company in the near future. We're pleased to have Tom Reeves joining the Interface team and believe his broad leadership experience - most recently as President and COO of OccuLogix (NASDAQ: OCCX) - will complement our existing scientific and technical expertise as we move into the clinical application and commercialization phase with many of the Company's novel polymer products" said Jeff Courtney, General Partner of VG Partners. "We are also excited to welcome Lily Lam, Vice President Investments, from Covington Capital to the Board of Directors."
"The fact that Interface has been able to raise a significant new round of financing in these difficult economic times is testament to the strength of the organization and its unique products in key applications and rich IP that crosses the spectrum of medical devices", said Tom Reeves, President and CEO of Interface Biologics, Inc. "I am pleased to be joining the Interface team and look forward to leading the team as we capitalize on the research and development work that is solidly established and execute on the commercialization of a number of the products in our portfolio."
About Interface Biologics: Interface Biologics is a biomaterials company based in Toronto, Canada developing proprietary, nano-engineered biomedical-polymers for use in implantable medical devices. Our understanding of the interface between the human body and implantable biomaterials at the molecular level has driven the development of medical devices that are not only more biocompatible but also programmable for the delivery of more effective therapy.
About VG Partners: A premier Canadian private equity investment firm, VG Partners builds innovative companies into global successes. Since 1982, we have invested over $1.3 billion in almost 200 North American companies, working alongside business owners to maximize potential. The investment team provides a breadth of industry experience within technology, life sciences, industrial and consumer sectors, as well as a hands-on approach that is unparalleled. VG Partners is part of VenGrowth Private Equity Partners Inc. For more, visit www.vgpartners.com
About BDC Capital: BDC Venture Capital 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.
About Covington Capital: Established in 1994, Covington Capital is one of Canada's largest providers of venture capital investment funds. Managing over $400 million in assets, Covington provides Canadians with the ability to access venture capital investment opportunities via their suite of retail venture capital product offerings.