Submitted by Anonymous on Mon, 2009-02-23 18:14
For More Info Contact: Lisa Baker/ Bill Kraus The Blaine Group 310.360.1499 Fax: 1498 email@example.com
Los Angeles, 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 retired ahead of schedule a line of venture debt from California Capital Investors, LLC (CCI) totaling $1,000,000.
PetMedicus retired the two-tranche, 20-month venture debt placement, which included stock warrants, in just 11 months. As a result, investors in CCI received a distribution earlier than expected.
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 used the proceeds of the CCI investment to advance its initial products through the regulatory process with the FDA. According to PetMedicus CEO Tom Morgan, “We have been pleased to partner with sophisticated investors like CCI who have extraordinary experience and talent. Launching new products through the FDA can be an extraordinarily challenging process; it is a significant advantage to have CCI help us on this journey.”
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.
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.”
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