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FOR IMMEDIATE RELEASE: October 29, 2007
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PETMEDICUS RECEIVES FUNDINGFROM CALIFORNIA CAPITAL INVESTORS TO TREAT CANCER IN COMPANION ANIMALS
Newport Beach, CA… PetMedicus Laboratories, Inc., a specialty pharmaceutical company engaged in the formulation, clinical testing, federal registration, manufacture, and sale of drug products for the companion animal market, has received a line of venture debt placement from California Capital Investors, LLC (CCI) totaling $500,000.
Companion animals, like their human counterparts, now live longer as a result of improved animal health care and a better standard of living. With increased longevity, however, companion animals now face a greater risk of diseases such as cancer and autoimmune disorders. The Veterinary Cancer Society states, “nearly 50% of all dogs and cats over 10 years of age will be affected by cancer.”
In response to the growing demands of companion animal health care, PetMedicus develops and commercializes ethical pharmaceutical products in species-appropriate formulations and dosages. PetMedicus’ initial focus is on cancer therapeutics for companion animals. Although the incidence of cancer in animal populations is rapidly growing, no drugs are currently approved for this indication in either the U.S. or Europe. An integral aspect of the PetMedicus approach is to create safer and lower cost cancer drugs that are easier for veterinarians to obtain and use.
The CCI investment is a two-tranche, 20-month venture debt placement and includes stock warrants. CCI was the first investor in PetMedicus and opened the door for additional investments and a second funding round. CCI is part of California Capital Partners, LLC, a venture capital firm focused primarily on small- to medium-sized technology and life sciences companies.
PetMedicus will use the proceeds of the CCI investment to advance its initial products through the regulatory process with the FDA and plans to retire the convertible debt facility out of product sales in 2008. According to PetMedicus CEO Tom Morgan, “Navigating the regulatory gauntlets at FDA, the USDA and the EMEA is not for the ‘faint of heart.’ That is why we have been pleased to have sophisticated investors like CCI who have the patience and understanding to be good partners on that journey.”
By addressing this specific health care void in the companion animal market, PetMedicus will provide potentially life-saving treatments and a viable alternative to “economic euthanasia.”