Annovation Biopharma Raises $8M to Develop Novel Anesthetics
Annovation Biopharma, a biotechnology company focused on creating more effective, safer therapies for anesthesia and critical care, has raised $8M in a Series A financing led by Atlas Venture, Partners Innovation Fund (PIF), and new strategic investor The Medicines Company (NASDAQ: MDCO). The funding, which may be expanded up to $11M, is expected to enable pre-clinical development through clinical proof of concept of Annovation's lead, next generation novel anesthetic, based on technology from Dr. Douglas Raines's Laboratory in the Department of Anesthesia, Critical Care, and Pain Medicine at Massachusetts General Hospital (MGH).
“The early funding of Annovation reflects a unique set of partnerships giving us access to acute care innovators,” said David Grayzel, MD, Managing Director of Atlas Venture Development Corp. (AVDC), who will serve as Executive Chairman of Annovation. “We have combined venture creation and virtual development expertise from AVDC, technology from MGH/PIF, and the hospital biopharmaceuticals leadership of The Medicines Company into a company focused on achieving clinical proof of concept in a capital efficient manner.”
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.