Annovation debuts to develop anesthetics
Annovation Biopharma Inc. debuted to develop anesthetics with $8 million in a series A round from Atlas Venture; Partners Innovation Fund; and The Medicines Co. (NASDAQ:MDCO). Annovation is working on small molecule GABA-A receptor agonists that are designed to allow precise control of anesthesia, with clinical testing slated to begin mid-2013.
Medicines Co. has an option to acquire Annovation at the end of a proof-of-concept (POC) Phase II trial under pre-negotiated terms that include milestones and royalties. Annovation expects to have POC data in about 2-2.5 years. The molecules were developed in the lab of Douglas Raines, a researcher in the Department of Anesthesia, Critical Care, and Pain Medicines at Massachusetts General Hospital. ...