Crown Venture Fund has led an $11.5m Series A funding round for Kala Pharmaceuticals to advance its portfolio of innovative ophthalmic programmes.
Crown – the venture capital arm of the eponymous Chicago family – is a new investor, joining existing backers Lux Capital Management, Polaris Venture Partners and Third Rock Ventures.
The funds will allow Kala to continue developing two of its most advanced programmes which focus on topical treatment of ocular inflammation and wet age-related macular degeneration, it said.
Richard Robb, a CVF representative, said, “Kala’s front of the eye drug delivery advantages and ability to topically deliver a wide variety of drugs to the back of the eye will transform the ophthalmology sector.
“Crown Venture Fund is pleased to join Kala’s existing investors and support this team of ophthalmology industry leaders.”
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