Nexvet Biopharma, a Melbourne, Australia-based veterinary monoclonal antibody drug developer, raised AUD$7m in capital.
Backers included a range of new US investors, high net-worth individuals and Australian life sciences investment firm BioScience Managers (with an investment of $3m).
The company, which had also received $1.82m in grants from Commercialisation Australia and a $1.1m award from AusIndustry under the R&D Tax Incentive Program, intends to use the funds to continue to develop its pet drugs and bring them to market.
Led by CEO Dr Mark Heffernan and Vice-President of Clinical and Regulatory Affairs Dr Colin Giles, Nexvet focuses products targeting chronic pain in dogs and cats and atopic dermatitis in dogs.
It has demonstrated through recent clinical studies that monoclonal antibodies generated through its PETisation(TM) have the potential to be safer, less toxic and as effective as small molecule treatments in these and other diseases.
The company has more than 6 antibody programs in development, with the first product expected to be in market within 2-3 years.