Annovation Biopharma to develop novel anesthetics with $8M Series A financing

Published on September 10, 2012 at 12:50 PM · No Comments

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).

“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.”

"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."

Annovation's novel agents are designed to allow more precise control of anesthesia and enable safer treatment of patients undergoing surgical procedures. These drugs may also allow patients to emerge from anesthesia and transition from post-operative care more quickly. An initial seed investment last year led by PIF, Mass Medical Angels, and Atlas allowed the nascent technology to quickly proceed to its current stage.

Read in | English | Español | Français | Deutsch | Português | Italiano | 日本語 | 한국어 | 简体中文 | 繁體中文 | Nederlands | Русский | Svenska | Polski
Comments
The opinions expressed here are the views of the writer and do not necessarily reflect the views and opinions of News-Medical.Net.
Post a new comment
Post