Biopharmaceutical firm Annovation Biopharma has raised $8m in its series A round, led by Atlas Venture with participation from Partners Innovation Fund (PIF) and new investor healthcare company The Medicines Company.
US-based Annovation has now raised $10m in total venture funding. In a venture round during July, the firm secured a $2m investment from Atlas Venture.
As part of the deal, Jean-Francois Formela, managing director from Atlas Venture, Carl Berke from PIF and Jason Campagna from The Medicines Company will all join the Annovation board of directors.
David Grayzel, managing director of Atlas Venture Development Corporation (AVDC), who will take up the role of executive chairman of Annovation, said: “The early funding of Annovation reflects a unique set of partnerships giving us access to acute care innovators. 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 Medicines Company’s funding of Annovation provides access to emerging hospital technology with seed investment and optionality, reserving our research and development investments for our late stage pipeline,” added Scott Johnson, MD, chief medical advisor at MDCO.
“With our experience in operating suites worldwide, we are excited by the opportunity this class of agents has for substantially improving patient care and serving our purpose to save lives, alleviate suffering, and improve the economic efficiency of hospitals worldwide.”