Petmedix has announced the completion of an oversubscribed $37M (£27M) Series B financing round that will be used to advance its pipeline through clinical development.
The investment brings two new investors into Petmedix: global technology company Tencent and Japanese corporation Kyoritsu Holdings, alongside continued support from U.S.-based investor Digitalis Ventures, and British funds Parkwalk Advisors and Cambridge Innovation Capital.
Petmedix said this financing round will “propel the company from an R&D-stage, UK-focused biotech company, into a clinical-stage international organisation, and “enables Petmedix to take its next step towards becoming a truly global animal health company, and the first to bring fully species-specific therapeutic antibodies to veterinary medicine”.
Tom Weaver, PetMedix CEO and co-founder, said: “This financing round not only provides the capital required to take us to the next level, but also the international perspective to help us meet our goals.
He added: “We’ve delivered on all of our Series A goals by building this incredible team, putting together this unrivalled drug discovery engine, and getting multiple internal programs underway. We are now focusing on clinical development on the path to regulatory approval, and ultimately to bringing much-needed innovative therapies to companion animals.”
Alastair Kilgour, CIO at Parkwalk Advisors, who co-led the funding round with Digitalis, said: “The past 18 months have amply highlighted the importance and impact of investing in the companies behind the development of innovative breakthroughs in human medicine, but much less well understood is the need to do the same for veterinary medicine to improve health outcomes for pets and other animals.