Company: Hydra Biosciences
Based: Cambridge, MA
Investors: Abingworth Management, BioVentures Investors, New Enterprise Associates, Biogen Idec New Ventures, Lilly Ventures, MedImmune Ventures, Polaris Venture Partners, Advanced Technology Ventures
Scoop: Cambridge's Hydra raised $39.22 million in two rounds of finacing in 2008. The company is developing drugs to treat pain, inflammation, cardiovascular and other diseases using ion channels. Hydra's funding is being used to advance Transient Receptor Potential ion channel drug programs; its most advanced program will be moving toward clinical trials in 2009. The company has already secured an additional $22 million in 2009.