The Medicines Company acquires Annovation Biopharma
The Medicines Company has completed its acquisition of all of the outstanding equity of Annovation Biopharma, a company focused on creating more effective, safer therapies for anesthesia and critical care. Based on technology licensed from Massachusetts General Hospital, Annovation is developing ABP-700, a novel intravenous anesthetic which in phase I clinical studies has demonstrated potent and rapidly reversible anesthetic effects.
"This is an exciting investigational new agent in an area where there have been few advances over the past 30 years," said Clive Meanwell, M.D., Ph.D., chairman and CEO, The Medicines Company. "There are approximately 230 million surgical procedures per year worldwide, with over 60% in the developed world. This agent has the potential to improve the efficiency of care for all types of patients undergoing surgical procedures, both in the hospital and in outpatient settings."
"ABP-700 has the potential to transform surgical and procedural care," said David Grayzel, M.D., CEO of Annovation and partner at Atlas Venture. "Since our inception less than three years ago, Annovation has been dedicated to creating novel agents that allow precise and tailored control of anesthesia. We are thrilled that our partner, The Medicines Company, through this acquisition, now will drive the ABP-700 program forward to achieve our collective goal of fostering innovation in anesthesia to improve patient care."
Currently, ongoing clinical studies have expanded for ABP-700 and additional clinical trials are expected to launch in the second half of 2015. The company and its principal investigators expect to present data from the completed phase I trials this fall.