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.
