Putney, a Portland, ME-based pharmaceutical company committed to providing generic medicines for pets, has raised $21m in Series C financing.
The round was led by Safeguard Scientifics, Inc. (NYSE: SFE), which provided $10m, with participation from NewSpring Health Capital and existing investors.
The company intends to use the funding for product development, sales and marketing capability enhancement, as well as additional operational and working capital needs.
Led by Founder, President and CEO Jean Hoffman, Putney is focusing on research and development to create generic veterinary products based on inputs from companion animal veterinarians and its industry partners.
In conjunction with the deal, James A. Datin, EVP and Managing Director of the Life Sciences Group at Safeguard Scientifics, will be joining the company’s Board of Directors.