The Medicines Company Acquires Annovation Biopharma, Inc.
The Medicines Company (NASDAQ: MDCO) today announced that it has completed its acquisition of all of the outstanding equity of Annovation Biopharma, Inc., 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 1 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, MD, PhD, Chairman and CEO, The Medicines Company. “There are approximately 230 million surgical procedures per year worldwide, with over 60 percent 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, MD, 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 will now 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 this year. The company and its principal investigators expect to present data from the completed Phase 1 trials this fall.
About The Medicines Company
The Medicines Company's purpose is to save lives, alleviate suffering and contribute to the economics of healthcare by focusing on 3000 leading acute/intensive care hospitals worldwide. Its vision is to be a leading provider of solutions in three areas: serious infectious disease care, acute cardiovascular care, and surgery and perioperative care. The company operates in the Americas, Europe and the Middle East, and Asia Pacific regions with global centers today in Parsippany, NJ, USA and Zurich, Switzerland.
For more information, visit www.themedicinescompany.com
Statements contained in this press release about the Company that are not purely historical, and all other statements that are not purely historical, may be deemed to be forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, the words “anticipates,” “believes,” ”intends,” “expects” and “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Important factors that may cause or contribute to such differences include whether the Company's products will advance in the clinical trials process on a timely basis or at all, whether the Company will make regulatory submissions for product candidates on a timely basis, whether its regulatory submissions will receive approvals from regulatory agencies on a timely basis or at all, whether physicians, patients and other key decision makers will accept clinical trial results and such other factors as are set forth in the risk factors detailed from time to time in the Company’s periodic reports and registration statements filed with the Securities and Exchange Commission including, without limitation, the risk factors detailed in the Company’s Quarterly Report on Form 10-Q filed on November 7, 2014, which are incorporated herein by reference. The Company specifically disclaims any obligation to update these forward-looking statements.
The Medicines Company
Bob Laverty, +1 973-290-6162
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Vice President, Communications
Neera Dahiya Ravindran, MD, +1 973-290-6044
Vice President, Investor Relations and Strategic Planning