PetMedix announces today that it has raised an equity investment from Cambridge Innovation Capital (Cambridge, UK) that will be used to advance its ground-breaking antibody technology platform seeking to bring innovative medicines to companion pets.
The ability to raise financing during challenging times of a global pandemic demonstrates investor belief in the company and further evidence of the excellent progress the company has made in creating innovative antibodies against a range of important conditions. PetMedix has engineered a unique platform to develop fully species-specific, naturally-generated therapeutic antibodies to develop its own veterinary medicines to target some of the most important clinical areas.
This investment is the capstone to an exciting 12 months for the company. PetMedix has doubled in size, including a number of very experienced, PhD-level hires; moved into larger, purpose-built facilities in Cambridge, UK, a hotbed of therapeutic antibody research and development; and has begun its international expansion with the recruitment of the first employees in a new US subsidiary. PetMedix has global ambitions and aims to work with international partners as a high priority. These advancements will form the basis of PetMedix’s transformation from biotechnology start-up to clinical-stage therapeutics company over the next few years.
Dr Tom Weaver, PetMedix CEO, said: “We are delighted with our progress to date. Our platforms continue to evolve and drug discovery is well underway. This additional investment not only brings a knowledgeable and well-respected investor into our syndicate, but will support us in our ambitions to build a world-class animal health company.”
Dr Robert Tansley, Partner at Cambridge Innovation Capital, said: “We are delighted to be investing in one of the leading emerging animal health companies. We are hugely impressed by the quality of the science underpinning PetMedix’s differentiated platform and by the quality of the scientists leading the drug discovery and development programmes.”