Putney Secures $6.7M in Series B Funding, Prepares to Double Revenue and R&D Pipeline
PORTLAND, Maine, Nov. 16 Putney, Inc., a rapidly growing pet pharmaceutical company, has closed a $6.7M Series B funding round. The round was led by strategic investor Peter Werth as well as financial investors including a Pritzker family trust. Series A investors were also participants. The funding provides capital to double the number of products under development for dogs and cats and to deepen the company's management team with ten key new hires in sales, marketing, business development and R&D.
The funding will enable Putney to double revenue, double the size its team, and double the number of deals and drugs in the pipeline in 2010. "The support of our customers and investors, and our anticipated FDA approvals, will propel Putney to be the leading generic and specialty pharmaceutical company serving companion animal veterinarians," said Jean Hoffman, founder and CEO of Putney.
Putney is focused on the development and commercialization of generic drugs for companion animals. Generics help veterinary practices, including the rapidly growing corporate practice chains, increase margins, keep prescriptions in their own pharmacies, and enhance compliance because pet owners can afford the full course of treatment. Currently 94% of FDA approved drugs for pets lack generic equivalents. Putney's pipeline includes products requested by veterinarians in the anti-infective, pain, parasiticide, anesthesia & sedation, and dermatological therapeutic categories.
"We found Putney's strategy and business plan to develop generic drugs for pets a compelling investment opportunity," said Peter Werth, chairman and president of Chemwerth, Inc., and a Series B investor. "Putney's excellent growth prospects are evidenced by its established customer alliances and nationwide reach in the veterinary channel."
William Blair & Company, a global investment firm, acted as advisor to Putney on the Series B capital raise.
Putney, Inc. is a pharmaceutical company that listens to companion animal veterinarians and responds to their needs -- making affordable drugs available, and developing products that address common concerns such as dosing and palatability. Putney empowers veterinarians with prescribing choices that allow them to pursue the best course of treatment for improved compliance, more satisfied pet owners and happy pets. Learn more at www.putneyvet.com.
SOURCE Putney, Inc.
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