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JAFCO backs US-based pharma company in Series A funding

  • Alvina Yuen
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JAFCO has invested $10 million in the Series A financing of Eleven Biotherapeutics, a US-based biopharmaceutical company designing and engineering novel and differentiated protein-based biotherapeutics.

Another $10 million was received from existing investors Third Rock Ventures and Flagship Ventures, expanding the total Series A investment to $45M.

"With JAFCO we are very pleased to expand our circle of industry-leading investors," said Abbie Celniker, CEO of Eleven Biotherapeutics, in a statement. "This financing provides us with a strong financial foundation and firmly validates our investors' enthusiasm for Eleven's ability to develop novel, best-in-class protein therapeutics."

Part of the proceeds from the financing will be used to advance Eleven's first drug candidate, known as EBI-005, into clinical development later this year. The drug is designed to treat eye diseases.

In conjunction with this financing transaction, Kenji Harada, principal of JAFCO, will join the Eleven Biotherapeutics board of directors.

"Eleven Biotherapeutics is on the cutting-edge of science and technology with its rationally-designed novel protein therapeutics," Harada said. "I look forward to working with Eleven's leadership team as they move programs forward."

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