Prevtec Microbia, a Montreal, Canada-based biotechnology company developing innovative biological products for the prevention of diseases in food-animals, completed a round of financing of $4.7m.
Up to 36% of the funds were provided by current shareholders including Telesystem Ltd, Groupe Jafaco Gestion Inc., and Desjardins-Innovatech, S.E.C. The remaining 64% of the funds, $3m, was provided by VVC, a Canadian-based venture capital fund investing globally with a singular focus on animal health.
The company intends to use the funds to increase its commercial development efforts.
Led by Michel Fortin, President and CEO, Prevtec Microbia develops technologies to improve animal health. Since 2008, the company has sold its first commercial product, Coliprotec®F4, an E.coli vaccine for swine, in Canada. The product is also registered in Brazil and other countries. In early January 2015, the European Committee for Medicinal Products for Veterinary Use issued a positive opinion recommending the granting of a market authorization in the European Union for it.
Prevtec has secured a distribution agreement with Elanco for the commercialization of Coliprotec®F4 in the European Union.