Nexvet Raises $7 Million from International Investor Syndicate in Oversubscribed Capital Raise
MELBOURNE, Australia, Oct. 28, 2013 /PRNewswire/ –
-- International investor syndicate and Bioscience Managers lead AUD$7 million oversubscribed capital raise -- New capital will drive clinical development for Nexvet's biologic therapeutics, team expansion and further expansion of its PETisationT platform technology for companion animals.
Leading veterinary monoclonal antibody drug developer Nexvet Biopharma (Nexvet) today announced an oversubscribed AUD$7 million capital raise at the Australia Biotech Invest Conference at the Melbourne Convention and Exhibition Centre.
The syndicate included a range of new US investors, high net-worth individuals and leading Australian life sciences investment firm, BioScience Managers, which cornerstones the capital raising round with an investment of $3 million.
In 2013 Nexvet also received $1.82 million in grants from Commercialisation Australia and a $1.1 million award from AusIndustry under the R&D Tax Incentive Program. Combined with the recent equity investment, this brings new capital contributions for Nexvet in 2013 to $10 million.
“This capital raise is an important milestone in our journey to bring disruptive new pet therapeutics to market. We are grateful for the broad investor support we have received for our unique PETisationTM technology, particularly the strong support in this round from our existing shareholders,” said Nexvet CEO, Dr Mark Heffernan.
Nexvet’s focus is common pet health complaints where there is strong unmet demand for safe and effective treatments. Its lead products target chronic pain in dogs and cats and atopic dermatitis in dogs. Nexvet has demonstrated through recent clinical studies that monoclonal antibodies generated through PETisation(TM) have the potential to be safer, less toxic and as effective as small molecule treatments in these and other diseases. This is consistent with the use of antibody drugs in human health, where they have experienced significant growth due to their high specificity, safety and efficacy.
“2013 has been a crucial year for Nexvet, with completion of a number of clinical trials and encouraging safety and efficacy data,” said Dr Heffernan. “The opportunity to supersede existing and other small molecule approaches with new, more effective antibody therapies is steadily growing, and PETisationT positions Nexvet as the leading player bringing monoclonal antibody therapies to dogs, cats and horses.”
Nexvet has more than 6 antibody programs in development, with the first product expected to be in market within 2-3 years.
“As part of our program, we are committed to recruiting experienced experts with strong scientific and business credentials to drive the development of our novel technology,” said Dr Heffernan.
One of Nexvet’s most recent appointments includes experienced veterinary professional Dr Colin Giles as Vice-President of Clinical and Regulatory Affairs. Formerly the Vice President for Veterinary Medicine Pharmaceuticals R&D for Pfizer Animal Health (now the world’s largest animal health company, Zoetis), Dr Giles has more than 22 years’ experience in clinical practice, blockbuster product development and management of R&D in the animal pharmaceutical industry.
Jeremy Curnock Cook, Managing Director of global life sciences investment firm BioScience Managers, said the firm is impressed by the calibre of the Nexvet management team and the quality of its technology.
“Nexvet’s product portfolio addresses a significant market need in the growing market of companion animal health. We are delighted to be supporting such an exciting Australian company on its path to realize its clinical and commercial potential,” said Mr Cook.
The transaction will be completed in the coming weeks, once it has been approved by Nexvet shareholders.
Nexvet was exclusively advised on the equity financing by the team at Mandie Consulting.