Eleven Therapeutics Raises $22M in Seed Funding
Summary
Backers included the Bill & Melinda Gates Foundation, which committed $9m in funding to Eleven, including $5m towards future equity investment supporting the development of a platform that designs small interfering RNAs (siRNAs) with ultra-long durability by utilising high throughput combinatorial chemistry and AI. The additional $4m by the Gates Foundation was awarded as a non-dilutive grant furthering Eleven’s development of prophylactics against endemic and pandemic-poised respiratory viruses. Importantly, the Gates Foundation’s funding will promote wide accessibility of Eleven’s ultimate treatments to people in need in developing countries. Eleven is currently focusing its development pipeline on siRNA treatments for a range of respiratory diseases. Its flagship invention features a new modality, dubbed SCSI-RNA™ (smart-combinatorial, small interfering RNA), a fully programmable molecule, rationally designed to address the delivery, durability, and efficacy challenges of any disease and biological target of interest.