January 16, 2009

Hydra raises $22m in funding round

Hydra Biosciences Inc., a Cambridge biotechnology company that is developing novel ion channel drugs, is set to disclose today that it has raised $22.2 million in venture capital in a financing round led by MedImmune Ventures of Gaithersburg, Md.

The funding will be used to advance Hydra's drug programs toward clinical trials this year. Its drugs are intended to treat pain, inflammation, and pulmonary disease.

Hydra has raised $47 million in previous financing rounds. Joining MedImmune in the new round will be previous investors Advanced Technology Ventures, Abingworth, Polaris, BioVenture Investors, Biogen-Idec Ventures, and Lilly Ventures.