Australian firm Nexvet scores $31.5M to expand clinical program for pets' health

By VCPOST Staff Reporter

Apr 17, 2014 10:33 AM EDT

Australian pets' therapeutics developer Nexvet Biopharma has secured $31.5 million (A$33.72 million) in its latest funding round for product and clinical program expansion. Institutional investors and shareholders in the US led the said round, according to The Sydney Morning Herald (SMH).

Fierce Biotech cited Nexvet chief executive officer (CEO) Mark Hefferman saying: "Together, we share a vision to transform animal medicine. This financing serves as a major milestone, allowing us to expand our research and development team and greatly aiding our work to make mAbs available for the global companion animal health market, where there remains a large unmet medical need."

The lead investors in the financing include Farallon Capital Management LLC, Adage Capital Partners LP, Boxer Capital LLC, and Foresite Capital. The company will use the new capital to fuel its clinical health programs for companion animals. It will also expand its product portfolio and presence in the US, the report detailed.

Nexvet is an unlisted Australian firm based in Melbourne. It converts drugs for humans into drugs that can be used to treat illnesses of dogs, cats, and horses, SMH reported.

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