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Nexvet Raises $7 Million From International Investor Syndicate in Oversubscribed Capital Raise
10/29/2013 8:39:32 AM
(29 October, 2013) Melbourne, Australia: 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™ 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 PETisation™ 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
“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
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.
Chief Executive Officer, Nexvet
+61 447 155 542
+61 3 8866 1205
+61 423 139 163
Nexvet Biopharma is developing safe, more effective and specific medicines for companion animals, (cats, dogs and horses). The Nexvet portfolio focuses on inflammatory disease, pain and cancer. The portfolio is composed of drugs based on successful human biologics drugs in these indications, converted to 100% species-specific versions by Nexvet’s proprietary PETisation™ technology.
PETisation™ converts biologics to species-specific analogues through a simple, rapid one-step process with a high success rate. For decades animal health companies have used drugs based on human health products with typically little optimization for the animal targets. Nexvet will address this shortcoming by introducing new highly optimized products in areas of greatest market need.
The area of biologics has become a massive growth area in human medicine, responsible for many of the most effective drugs on the market. Biologics are drugs based on natural proteins with typically good efficacy, high specificity and an excellent side-effect profile. To date, innovation and competition in biologics in the $20 billion global veterinary pharmaceuticals market has been limited. Nexvet’s team have international track records in developing human biologics combined with veterinary expertise. Nexvet’s expertise in biologics R&D confers a strong competitive advantage and has generated an extensive intellectual property position, making Nexvet an attractive licensing partner and/or acquisition target.
Nexvet is based in Melbourne, Australia, with partners and investors located around the world. If you would like to know more about Nexvet, please visit the website at www.nexvet.com and via the contacts below.
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