Nexvet Biopharma has closed $31.5 million in Series B financing. Investors included Farallon Capital Management, Adage Capital Partners, Foresite Capital and Tavistock Life Sciences subsidiary fund Boxer Capital. Based in Melbourne, Australia, Nexvet is a veterinary biologic drug developer.
MELBOURNE, Australia, April 16, 2014 /PRNewswire/ — Nexvet Biopharma, a leading veterinary biologic drug developer, today announced the closing of its US$31.5 million Series B round of financing. Top-tier U.S.-based institutional investors Farallon Capital Management, LLC, Adage Capital Partners, L.P, Foresite Capital, and Tavistock Life Sciences subsidiary fund Boxer Capital, LLC, led the financing, which also included existing shareholders.
The proceeds will be used to advance Nexvet’s clinical programs in monoclonal antibodies in companion animal health, and assist the Company in expanding its product pipeline and U.S. operations.
Nexvet is leveraging its proprietary PETisation™ platform technology to build a robust pipeline currently consisting of product candidates for canine pain, feline pain and canine inflammation. PETisation™ uniquely translates monoclonal antibodies (mAbs) between any species in a single step, enabling Nexvet to develop a portfolio of 100% species-specific monoclonal antibody therapies.
“On behalf of the management team and Board of Directors, I wish to thank our longstanding shareholders for their continued support, as well as other long-term supporters such as Commercialisation Australia whose timely funding has accelerated Nexvet’s progress since our inception four years ago. I also extend a warm welcome to our new group of major healthcare-dedicated investors,” said Dr. Mark Heffernan, Chief Executive Officer of Nexvet.
“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,” concluded Dr. Heffernan.
Nexvet’s lead candidates are NV-01 for canine pain, NV-02 for feline pain, and NV-06/08 for canine inflammation (including atopic dermatitis). For all three indications, Nexvet will have associated pivotal trials occurring in the next eighteen months. Recent clinical results with NV-01 in a placebo-controlled study in osteoarthritic dogs demonstrated four weeks of sustained pain relief, with no adverse events, following a single injection. Such data demonstrates the generally superior product profile mAbs have relative to small molecule products.
Cowen and Company, LLC served as the exclusive placement agent for the offering. Blueprint Life Science Group, LLC served as US corporate advisor to Nexvet. In Australia, Mandie Consulting and Morgans Corporate Limited advised the Board and existing shareholders on the financing.
About Nexvet (www.nexvet.com)
Nexvet is an unlisted company based in Melbourne, Australia, with global operations, partners and investors. The Company is pioneering the field of monoclonal antibody therapies for companion animals (e.g. dogs and cats) using its proprietary PETisation™ platform technology, which uniquely produces therapies 100% customised to target species.
The Nexvet portfolio focuses on areas of greatest unmet medical need such as chronic pain and inflammatory diseases, in addition to a significant pipeline of medically important products. Biologics has become a massive growth area in human medicine, responsible for many of the most successful drugs on the market due to their clinical effectiveness, specificity and excellent side-effect profiles.
Nexvet’s team have international track records in the development of human biologics and veterinary drugs, and are committed to developing biologics to drive innovation in the $20 billion global veterinary pharmaceuticals market.