Hydra Biosciences

Hydra Biosciences centers its research and development on creating treatments for a variety of conditions, including pain, inflammation, renal and pulmonary diseases, and central nervous system (CNS) disorders. The company's core technology platform enables the identification and advancement of drug candidates aimed at significant unmet medical needs. Its business model relies on strategic partnerships with larger pharmaceutical corporations for the development and commercialization of its discoveries, generating revenue through upfront payments, milestone achievements, and royalties.

The company's primary focus has been on modulating TRP ion channels, which are integral in signaling pathways for pain and inflammation. A key asset was its TRPA1 antagonist program for chronic pain syndromes. This program, which included the lead molecule HX-100 for painful diabetic neuropathy and allergic asthma, progressed to Phase 1 clinical trials. A significant milestone occurred in December 2018 when Eli Lilly and Company acquired all assets related to this pre-clinical TRPA1 program, a move intended to bolster Lilly's own pain treatment pipeline. Before this acquisition, Hydra had secured several collaborations, including a 2009 agreement with Cubist Pharmaceuticals to develop TRPA1-targeting drugs for pain management, which involved upfront and research funding. The company also entered into multiple agreements with Boehringer Ingelheim to discover and develop small-molecule inhibitors for CNS disorders and renal diseases. Over its history, Hydra Biosciences has successfully raised significant capital, with total funding reported between $77.9 million and $95.7 million from investors such as Abingworth, Lilly Ventures, New Enterprise Associates, and Polaris Partners.