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Print Edition StoriesFriday, January 16, 2009
Hydra Biosciences bags $22M in Series D round
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Cambridge biotechnology company Hydra Biosciences Inc. has brought in $22.2 million in a fourth venture funding round led by MedImmune Ventures, to advance a number of Hydra’s ion channel drug programs to fight pain, inflammation, and pulmonary disease
MedImmune Ventures — the venture capital fund of MedImmune, the biologics business of the AstraZeneca Group — joins previous investors Advanced Technology Ventures, Abingworth, Polaris, BioVenture Investors, Biogen-Idec Ventures, and Lilly Ventures in the Series D financing. This brings Hydra’s total venture funding raised to $69 million.
According to Russell Herndon, president and CEO of Hydra Biosciences, the funding will allow the company to move its ion channel candidates into its first human clinical trial in 2009.
AstraZeneca’s Karen Gotting-Smith will join the board of directors of Hydra Biosciences as part of the financing deal.
In March 2008, Hydra closed on $34 million in its Series C round of funding. In July 2007, Hydra inked a deal potentially worth more than $195 million with drug giant Pfizer Inc. to develop treatments for pain.
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