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Putney, Inc. Release: Maine Company/Startup Undaunted by Bear Market Continues with Plans to Revolutionize the Veterinary Pharmaceutical Industry


10/8/2008 9:50:46 PM

PORTLAND, Maine, Oct. 8 /PRNewswire/ -- Putney, Inc., a pharmaceutical company focused on the development of generic drugs for pets, reports that the current Bear market will not hamper its plans to roll out a line of pet specific generic pharmaceuticals.

"Pet owners are committed to their pet's welfare and want the same standard of care for their pets as they expect for their children and other family members. Increased availability of generic veterinary medications will enhance the ability of pet owners, who pay out of pocket, to provide their pets with the health care they need," says Jean Hoffman, founder and CEO of Putney, Inc.

Hoffman's comment refers to two studies. Business Week recently reported that purchasing related to domestic companion animals, currently at $41B annually, is the second largest growing category of consumer spending. In a survey by Fleischman Hillard International Communications, fifty per cent of respondents say that a recession would not affect their pet spending. Putney's own focus groups have revealed that veterinarians are open to new generics; especially alternatives to pricey, chronic treatments.

Hoffman, an entrepreneur whose last enterprise, Newport Strategies, sold to Thomson Corporation in 2004, founded Putney to make pet healthcare more affordable and accessible -- a need she recognized when caring for her own aging cats. "Pets are cherished family members, yet many, including older pets that need medicines for chronic conditions, are not receiving the full dosage of their veterinarian prescribed medicines due to the high costs of pet pharmaceuticals," she says. Most human pharma products have a generic equivalent available when the patent expires, while 86% of companion animal drugs still have no generic equivalent available years beyond patent expiration.

Hoffman also cites the recently passed Animal Generic Drug User Fee Act as more cause for celebration. The law, which was passed in August, will cut FDA review time for proposed new generic drugs for pets from over 700 days to just 270 days -- greatly increasing Putney's ability to bring its products to market quickly.

Putney plans for its first FDA approved veterinary products to roll out in 2009, with more following in 2010 and 2011. By 2012, the company expects to have annual revenues more than $150M.

Putney, Inc. is a pharmaceutical company focused on the development of generic drugs for pets. The company's goal is to offer high quality prescribing options to veterinarians so price will cease to effect treatment options. The company has what it believes to be the deepest pipeline in animal health. Learn more at http://www.putneyvet.com.

CONTACT: Christina Perkins, Vice President, Marketing & Communications of
Putney, Inc., +1-207-553-4430, christina.perkins@putneyvet.com

Web site: http://www.putneyvet.com//



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