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Surface Oncology Announces $25 Million Debt Financing from K2 HealthVenturesCAMBRIDGE, Mass., Nov. 25, 2019 (GLOBE NEWSWIRE) -- Surface Oncology (NASDAQ:SURF), a clinical-stage immuno-oncology company developing next-generation immunotherapies that target the tumor microenvironment, today announced it has secured a debt financing facility for up to $25 million from K2 HealthVentures, a healthcare-focused specialty finance company. Surface received a first tranche of $7.5 million upon closing. Two subsequent tranches totaling $17.5 million will become available to the Company upon the achievement of certain milestones. “Securing this debt facility bolsters our financial position and increases our financial flexibility as we advance our next wave of programs into clinical development,” said Jeff Goater, chief executive officer of Surface Oncology. Updated Financial Outlook: About Surface Oncology: About K2 HealthVentures: Cautionary Note Regarding Forward-Looking Statements: Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Surface Oncology’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to, risks and uncertainties related to Surface Oncology’s ability to successfully develop SRF388, SRF617, SRF813 and its other product candidates through current and future milestones or regulatory filings on the anticipated timeline, if at all, the therapeutic potential of Surface Oncology’s product candidates, the risk that results from preclinical studies or early clinical trials may not be representative of larger clinical trials, the risk that Surface Oncology’s product candidates, including SRF388, SRF617 and SRF813, will not be successfully developed or commercialized, and the risks related to Surface Oncology’s dependence on third parties in connection with its manufacturing, clinical trials and preclinical studies. Additional risks and uncertainties that could affect Surface Oncology’s future results are included in the section titled “Risk Factors” in our Annual Report on Form 10-K for the year ending December 31, 2018, which is available on the Security and Exchange Commission’s website at www.sec.gov and Surface Oncology’s website at www.surfaceoncology.com. Additional information on potential risks will be made available in other filings that Surface Oncology makes from time to time with the Securities and Exchange Commission. In addition, any forward-looking statements contained in this press release are based on assumptions that Surface Oncology believes to be reasonable as of this date. Except as required by law, Surface Oncology assumes no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Contacts: Media K2 HealthVentures |