Hydra Biosciences raises $34m in venture capital

Hydra Biosciences Inc., a Cambridge biotech company, confirmed reports it raised $34 million in its third round of venture capital, led by Advanced Technology Ventures. To date, the company has raised $63 million in funding from several investors, including Biogen Idec New Ventures, Lilly Ventures, and Polaris Venture Partners.

The company, which has 36 employees, is in the early stages of developing potential treatments for pain management and hopes to begin clinical testing on at least one of them next year.

Hydra's chief executive, Russell Herndon, previously worked at Genzyme Corp. and Antigenics Inc.
(By Todd Wallack, Globe staff)