XW Labs secures over $17M Series B financing led by Elements Capital and WI Harper
Sept. 20, 2017, XW Laboratories Inc. (XW Labs), a biopharmaceutical Research and Development (R&D) company focused on neurological disorders, today announced the closing of a $17.5 million Series B financing led by Elements Capital and WI Harper with participation from new investor KTB Network, and all existing investors Kleiner Perkins Caufield & Byers China (KPCB China), Johnson & Johnson Innovation – JJDC, Inc. and WuXi Venture. This brings the investment from Series A led by KPCB China in 2014 and Series B to a total of $23 million. XW Labs will utilize funds to continue the development of its multiple programs that are entering clinical and IND-enabling studies.
"Our company is entering a critical stage where we anticipate at least 1 program to enter clinical trials per year starting in 2018" said Dr. Jia-Ning Xiang, Founder and CEO of XW Labs. "We are thrilled to have Elements Capital, WI Harper and KTB Network join our experienced Series A investor team".
XW Labs employs a platform-centric pipeline and has expertise in medicinal chemistry for better drug design. The company believes its commitment to optimizing capital and operational efficiency is a key driver to lowering its overall costs in the pharmaceutical R&D industry.
"Affordability in pharmaceutical products is a major problem that afflicts national healthcare systems globally. We believe that XW Labs' vision and expertise in creating innovative new drugs that focus on optimizing delivery and functional profiles, will significantly improve the value proposition of drugs for patients and payers," said Johnson Lin, Healthcare Partner at WI Harper. "We are delighted to partner with such a talented team, alongside world-class co-investors as XW Labs gear up for the next phase of their growth."
In the three years since its foundation, XW Labs has established a diversified portfolio in the CNS therapeutic area. The company is built upon three platforms, all of which have the potential to host multiple programs for a broad number of indications. XW Labs' first two platforms improve the pharmacokinetics and safety profiles of existing drugs for best-in-class medicine and potential new indications. Its third platform is a novel platform focused on reducing damage to the mitochondria, which has been linked to many neurological disorders.