Annovation Biopharma Raises $8M in Series A Funding

Annovation Biopharma, a Wayland, Massachusetts-based biotechnology company focused on creating more effective, safer therapies for anesthesia and critical care, has raised $8m in a Series A funding.

The round was led by Atlas Venture, Partners Innovation Fund (PIF), and new strategic investor The Medicines Company (NASDAQ: MDCO).

The company intends to use the capital, which may be expanded up to $11m, for pre-clinical development through clinical proof of concept of its lead 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).

In conjunction with the funding, Jean-Francois Formela, MD from Atlas Venture, Jason Campagna, MD PhD from The Medicines Company, and Carl Berke, PhD from PIF, will join Annovation’s Board of Directors. David Grayzel, MD, Managing Director of Atlas Venture Development Corp. (AVDC), will join as Executive Chairman.



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