Business

Eleven Biotherapeutics secures $20m and expands Series A financing

Eleven Biotherapeutics Inc., a Cambridge biopharmaceutical company, said Tuesday that it has secured $20 million dollars in Series A equity financing, expanding the total Series A investment to $45 million.

New investor, JAFCO Co. Ltd., a Tokyo-based private equity firm, joined the Series A financing with a $10 million investment; $10 million was also received from commitments from existing investors, Third Rock Ventures and Flagship Ventures, which helped found the company in 2010, Eleven Biotherapeutics said in a press release.

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Third Rock of Boston and Flagship of Cambridge are venture capital firms with a focus on the life sciences industry.

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 dry-eye syndrome.

Chris Reidy can be reached at reidy@globe.com.
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