Annovation Adds $8M to Develop Safer, More Precise Anesthesia
Annovation BioPharma is announcing today that it has raised $8 million in a Series A funding to put toward the development of new therapies for anesthesia and critical care. The money comes from return seed investors, Cambridge, MA-based Atlas Venture and Partners Innovation Fund, as well as new strategic investor The Medicines Company (NASDAQ: MDCO).
The round could hit a total of $11 million through additional investments from the syndicate, and will go toward pre-clinical and clinical development of Annovation’s technology, which is designed to administer anesthesia more safely and more precisely to patients than traditional methods, according to the release. The experimental drugs could also enable patients to transition more quickly out of anesthesia after surgery. The technology was developed at Massachusetts General Hospital in Douglas Raines’s Laboratory in the Department of Anesthesia, Critical Care, and Pain Medicine.
David Grayzel, managing director of Atlas Venture Development Corp., will serve as executive chairman of the startup, and joining the startup’s board will be Jean-Francois Formela of Atlas Venture, Jason Campagna of The Medicines Company, and Carl Berke of Partners Innovation Fund. The Atlas Venture Development Corp is an initiatve that partners with biotech and pharmaceutical companies to advance technologies at the late pre-clinical and clinical stages.
Annovation plans to run a clinical trial in the first half of 2013, after which The Medicines Company will have the option to acquire the startup at pre-negotiated terms, which include milestones and royalties.